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An agreement was signed on December 21 between Assam Hydrocarbon and Energy Company Limited (AHECL) and Oil India Limited (OIL) for exploration and production of crude oil and natural gas in the Namrup Block.
According to the Memorandum of Understanding (MoU), AHECL would receive ten percent participating interest in exploration and production of crude oil and natural gas in the Namrup Block allotted to OIL, covering an area of 125 sq km.
Chief Minister Sarbananda Sonowal congratulated AHECL on its first business venture since inception in 2006 and for a tie-up with a Navaratna company.
He urged OIL officials to handhold the state government-run PSU in furthering its business interests and achieving growth.
Sonowal also appreciated OIL for its success in the exploration and production of crude oil and natural gas in Assam and the Northeast, overcoming fresh challenges.
“The state government has been making concerted efforts to harness the Assam’s potential in the oil and natural gas sector and generate employment opportunities for the youths,” he added. (PTI)
(Edited by Christopher Gatphoh)