Monday, October 26, 2009

PAC Signs MoU with IEA

TO COOPERATE IN OIL & GAS DATA EXCHANGE AND MANAGEMENT

  
Petroleum Planning and Analysis Cell(PPAC), a body under the Ministry of Petroleum and Natural Gas has signed a Memorandum of Understanding (MoU) with Paris based International Energy Agency (IEA) on cooperation in oil and gas sector. Entered in New Delhi recently (23-10-2009), the MoU provides a cooperative framework between the two agencies for exchange of oil and gas market data and statistics.

This MoU would also help in exchange of technical experience and expertise in data management and analysis and for conduct of joint studies on global and regional oil and gas markets.

By entering into this MoU, PPAC will enrich its knowledge and understanding of the functioning of the oil and gas markets at regional and global level and develop sound analytical techniques.

The recurring oil market volatility and resultant uncertainties require accurate analysis. IEA has expertise in data gathering and analysis on oil markets since its inception in 1974.

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