Oil PSU ONGC has signed a memorandum of understanding (MoU) with IOCL to establish a small-scale Liquefied Natural Gas (LNG) plant near the Hatta Gas Field in the Vindhyan Basin.
- The two PSU oil giants signed a memorandum of understanding (MoU) on 17 June 2024 for the project.
- The establishment of the Hatta LNG plant will upgrade the Vindhyan Basin from a Category II to a Category I Basin.
- Category I Basins are those which have hydrocarbon reserves and are already producing hydrocarbon products.
- Category-II are basins with contingent resources that are yet to be converted to recoverable reserves and commercial production.
- The discovery at Hatta represents the culmination of five decades of sustained exploration efforts.
