ONGC, Uranium Corp to explore, develop uranium

ONGC, Uranium Corp to explore, develop uranium

New Delhi: Oil and Natural Gas Corp (ONGC) has signed a memorandum of understanding (MoU) with Uranium Corporation of India for uranium exploration and development jointly.

Under the agreement the two will look for minable reserves of uranium in areas where oil and gas wells drilled by ONGC had shown traces of uranium.

The agreement was signed by ONGC Chairman and Managing Director R.S. Sharma and UCIL Chairman Ramendra Gupta, a company press statement said here.

The initiative is based on the complementary expertise of the two public sector enterprises. ONGC has rich experience in hydrocarbon exploration while UCIL is in the forefront of uranium mining and processing.

“The cross-fertilisation of ideas and technologies is bound to synergise the new endeavour of uranium prospecting and mining. UCIL is actively exploring possibilities of acquiring uranium properties and exploration licences in several countries," the statement said.

A steering committee will be formed to evolve time-bound programmes.

“ONGC has already initiated the exercise of studying its well logs, which have indicated traces of the mineral in some wells," it added.