The memorandum of understanding (MoU), signed here on January 24, "provides for cooperation in exploration and production for conventional and unconventional petroleum and natural gas opportunities in India and in third countries," a company statement said here.
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ONGC and Mitsui had signed an MoU for cooperation in gas and liquefied natural gas (LNG) business in August 2012.
Later in March 2013, Mitsui had entered into another MoU with ONGC, Bharat Petroleum Corp and New Mangalore Port Trust to explore setting up a 5 million ton LNG import terminal at Mangalore in Karnataka.
ONGC and Mitsui are also partners in a giant Mozambique gas field, where the Indian explorer's overseas arm, ONGC Videsh Ltd, has picked up a 16 percent stake for about USD 4.3 billion.
Mitsui is the second-biggest stakeholder in the Rovuma-1 field in the waters off the African nation with a 20 percent interest. The field holds 35 to 65 trillion cubic feet of gas reserves which are planned to be converted into liquid gas (LNG) for export to nations such as India.
First gas from the fields, where state-owned Oil India Ltd has a 4 percent interest and a unit of Bharat Petroleum another 10 percent, is planned for 2018.
ONGC is hoping that together with Mitsui, the share of gas that can come to India will rise to 50 percent of the 34 million tons per annum of LNG production planned from the fields. This LNG can be brought to the planned Mangalore terminal.
US energy firm Anadarko Petroleum is the operator of Area-1 with a 26.5 percent stake, Thai state oil company PTT Exploration and Production PCL has 8.5 percent and Mozambique's state-owned ENH 15 percent.
Mitsui is a diversified trading, investment and service enterprise with 151 offices in 67 countries. Its business ranges from iron and steel products, mining and metals to chemicals, energy and food resources.
ONGC stock price
On January 27, 2014, Oil and Natural Gas Corporation closed at Rs 276.90, down Rs 6.35, or 2.24 percent. The 52-week high of the share was Rs 353.00 and the 52-week low was Rs 234.40.
The company's trailing 12-month (TTM) EPS was at Rs 22.24 per share as per the quarter ended September 2013. The stock's price-to-earnings (P/E) ratio was 12.45. The latest book value of the company is Rs 145.47 per share. At current value, the price-to-book value of the company is 1.90.
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