MUMBAI (Commodity Online): India’s largest public sector oil explorer, Oil and Natural Gas Corporation Ltd (BOM:500312) is mulling intense expansion of its exploration activities within country as the company has entered into an oil exploration agreement with a Hungarian firm, MOL.

The Hungarian oil company, MOL will hold 35% stake in the joint operations. MOL is one of the key players in the upstream operations in the European region. The company operates three refineries with refining capacity of over 336,000 barrels per day with one of the most efficient technologies of processing residuals, which allow fuel oil to be almost entirely eliminated from the product mix, giving high profitability.

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India and Hungary have also agreed to strengthen cooperation in the IT sector. The Hungarian association of IT companies and Electronics and Computer Software Export Promotion Council (ESC) of India will soon enter into a memorandum of understanding (MoU) detailing the areas of cooperation.

ONGC stocks remained under pressure with marginal loss of 0.17% at Rs.1131.20 in the afternoon trading today. However, the stock has gained by close to 2% in past three trading sessions so far.

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