ONGC links with Norwegian oil co to develop projects

New Delhi: ONGC has signed a memorandum of understanding (MoU) on Thursday with Norwegian oil and gas major StatoilHydro ASA to develop projects on carbon capture and sequestration (CCS), clean development mechanism (CDM) and other carbon management projects related to climate change and sustainable development. Under the MoU, ONGC and StatoilHydro will jointly screen and analyse potential CCS and CDM projects and prepare decision documents relevant for the selected projects. Statoil Hydro will provide expertise in CCS technology, besides providing advice and technological support on mutually agreeable terms in the development and implementation of ONGC’s climate change ambition into feasible programmes, a statement issued by ONGC said. ONGC, in turn, will consider Statoil as a development partner for any project identified as a result of the activities described in the MoU.