State-owned Oil and Natural Gas Corp (ONGC) said on Saturday it has signed an agreement with Reliance Industries to explore possibility of hiring Mukesh Ambani-run firm's infrastructure facilities on the east coast.
"The MoU aims at working out the modalities for sharing of infrastructure, identifying additional requirements as well as firming up the commercial terms," the company said. ONGC aims to cut capital expenditure as also expedite field development by using RIL's infrastructure. The infra- structure sharing would help in "early monetisation of its deep water fields adjacent to the fields of RIL."
ONGC chairman Sudhir Vasudeva said, "it is a
win-win situation not only for both the companies,
but also for an energy-starved nation".