The MoU was signed by Subir Raha, chief executive officer, ONGC and Alexei Miller, chairman, Gazprom in Moscow on Monday in the presence of Minister for Petroleum and Natural Gas, Mani Shankar Aiyar, according to the Gazprom.
It provides for assessment of prospects for collaboration in joint oil and gas projects in India, Russia and third countries and deliveries of the joint production in India and third countries.
A joint working group has been set up by the two energy giants to help create capabilities for the deep processing of natural gas, oil and other hydrocarbons in India, Russia and third countries as well as arranging for their deliveries of petrochemical products to the Indian and Asian Pacific markets.
Earlier, Aiyar said that ONGC's foreign operations arm ONGC Videsh is a "no debt" company and can raise up to $25 billion for investments in various projects in Russia and other countries.
Aiyar arrived in Moscow on Monday on a two-day visit to hold talks with Russian officials on closer Indo-Russian energy partnership, including the acquisition of equity in former core asset of Yukos - Yuganskneftegaz.
He had a meeting with Energy Minister Viktor Khristenko to discuss the issue.
