ONGC Videsh, the overseas investment arm of state-owned Oil and Natural Gas Corporation (ONGC), eyeing exploration and production assets in Africa and Latin America, has signed an MoU with YPF SA of Argentina.

“The MoU seeks to enhance co-operation between the two companies in the energy sector, including but not limited to co-operation in the areas of exploration and development of upstream oil and gas opportunities, promote investment and cooperation and forging closer ties between research and training centres,” the state-owned exploration firm said in a release.

YPF, Argentina’s largest integrated energy company, is 51 per cent owned by the Argentine government and 49 per cent listed on the New York and Buenos Aires stock exchanges.

It is engaged in oil and gas exploration and production, being the largest shale operator outside of the US, and is also involved in transportation, refining and marketing of natural gas and petroleum products.

OVL is India’s flagship overseas oil firm. It currently has a stake in 32 oil and gas projects in 15 countries, spanning from Venezuela to Vietnam.

Managing director Rajarshi Gupta has said the company is interested in exploration and production investment opportunities in countries such as Ghana and Suriname.

“Bigger hotspots with larger discoveries” are better options to invest, he said.