Offshore staff

BEIJING -- China and India have signed a memorandum of understanding for strategic cooperation in oil exploration and production activities in other countries.

Petroleum Minister Murli Deora and National Development and Chairman Ma Kai of China's Reform Commission (NDRC) signed the MoU on Dec. 17.

According to Deora, the MoU will help boost joint E&P efforts by exploration companies from the two countries, especially in bidding for concession rights.

Such cooperation would be significant and mutually beneficial as both countries are highly dependent on imported oil, the high price of which has been draining their national budgets.

12/18/2006