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State-owned Oil India Ltd on Tuesday said it has signed a preliminary agreement with Assam Hydrocarbon and Energy Company Ltd (AHECL) for cooperation in oil and gas exploration and development as well as the marketing of natural gas in Assam.

The memorandum of understanding (MoU) was signed in Guwahati on Monday, OIL said in a statement.

"The MoU is aimed at establishing a joint institutional framework to facilitate bilateral cooperation in hydrocarbon exploration and development and marketing of natural gas in the state of Assam for mutual benefit," it said.

While Oil India is the country's second-largest state-owned explorer of oil and gas, AHECL is an Assam government firm that was established in 2006 for the exploration of hydrocarbons.

Speaking on the occasion, Assam Chief Minister Sarbanada Sonowal praised the efforts of OIL and appreciated its contribution to the socio-economic development of the state.

OIL Chairman and Managing Director S C Mishra reiterated the commitment of the company in furthering the hydrocarbon exploration and production activities in the state.

This story has been published from a wire agency feed without modifications to the text.

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