OREANDA-NEWS. A Memorandum of Understanding (MOU) was signed between the Co-ordinating Ministry for Strategic Sectors (MICSE) of the Republic of Ecuador and ONGC Videsh Limited on 9th December 2013 in New Delhi.

ONGC Videsh has been evaluating E&P opportunities in Ecuador for last one year. Latin America is a focus area for ONGC Videsh. It already has a presence in Brazil, Venezuela and Colombia. These countries contribute about 30% of oil production of ONGC Videsh.

The MOU provides that MICSE would make available to ONGC Videsh information regarding oil and gas projects in Ecuador, which ONGC Videsh would evaluate to identify the project(s) of its interest and could propose participation in such project(s) through specific definitive agreements.

The MOU was signed by the Minister Mr Rafael Poveda Bonilla on behalf of MICSE and Mr D. K. Sarraf, Managing Director & CEO, ONGC Videsh in presence Mr Jorge David Glas Espinel, the Vice President of the Republic of Ecuador who is currently visiting India.

Ecuador is an oil producing and exporting country, a member of OPEC and has a daily production of about 500,000 barrels of crude oil.