Oil & Natural Gas Corporation (ONGC), the national oil company of India, ONGC Videsh and Pemex-Exploracion Y Produccion (PEP), the upstream subsidiary of Pemex, the National Oil Company of Mexico, have entered into a Memorandum of Understanding and Cooperation (MOU). The MoU signed to cooperate in the hydrocarbon sector in Mexico.

The MOU was signed by Anil Bhandari, director (Exploration), on behalf of ONGC Videsh and Gustavo Hernandez Garcia, director general, on behalf of Pemex -Exploracion Y Produccion at Cancun, Mexico on the side-lines of World National Oil Companies Congress- Americas being held in Cancun. The MOU was signed in presence of Emilio Lozoya, the chief executive officer of Pemex.

Under the MOU, the two companies plan to discuss future cooperation and collaboration in the upstream sector in Mexico. The MOU also envisages cooperation in the fields of technology, human resources, research & development.

Shares of the company declined Rs 5.2, or 1.26%, to trade at Rs 407. The total volume of shares traded was 57,562 at the BSE (9.57 a.m., Monday).