Carlos Abad (left) in Calcutta on Friday. A Telegraph picture

Calcutta, Aug. 1: PetroEcuador, the state-owned oil company of Ecuador, has signed an agreement with Oil and Natural Gas Corporation (ONGC) to transfer data on seven oil and gas blocks in Ecuador to enable the Indian firm to prepare a proposal for exploration and production vis-a-vis the blocks.

ONGC’s subsidiary ONGC Videsh Ltd (OVL) had earlier signed a memorandum of understanding (MoU) with PetroEcuador to promote research in and develop energy fields.

“We have signed this special agreement a month ago to transfer all the three dimensional information about the seven new blocks. We are waiting for the proposal from ONGC to take things further,” said Carlos Abad, ambassador of Ecuador, at an interactive session organised by the Indian Chamber of Commerce in the city.

Abad said the blocks were estimated to be of various capacities with the largest having a capacity of one lakh barrels a day and the smallest between 10,000 to 20,000 barrels a day.

According to the MoU, PetroEcuador and OVL have agreed to collaborate in the exploration and exploitation of hydrocarbons in Ecuador.

This will include the establishment of joint ventures in the existing and new concessions, with a view to increasing production.

On the possibility of a joint venture with ONGC, Abad said everything would depend on the latter’s proposal.

The MoU also entitles OVL to jointly participate with PetroEcuador in the bidding for oil and gas blocks in Ecuador and other countries.

OVL will also look at improving the value chain of liquid natural gas in Ecuador.