State-owned Oil and Natural Gas Corporation Limited (ONGC) and bp have agreed to explore opportunities for collaboration and partnership across the energy industry in India and internationally, focusing on oil and gas exploration and production, as well as trading and extending to other energy vectors. 

The two companies signed a memorandum of understanding (MoU) ahead of the India Energy Week. 

Under the terms of the MoU, bp will collaborate with ONGC to jointly explore and evaluate potential business opportunities in oil and gas projects both within India and internationally, the company said.