New Delhi, Jan. 14 : India and Syria on Wednesday signed a Memorandum of Understanding (MoU) that will establish an institutional framework for bilateral cooperation in the oil and natural gas sectors.

Petroleum and Natural Gas Minister Murli Deora and his Syrian counterpart Sufian Al Alao signed the MoU.

The two countries are keen to expand cooperation in several areas, particularly in projects relating to Enhanced Oil Recovery/Improved Oil Recovery in the oil fields of Syria, and Information Technology.

India and Syria have agreed to establish joint ventures in exploration and production activities, well logging, drilling operations and services.

The signing of MoU marks an important landmark in the growing Indo-Syrian ties.

Earlier in the day, Deora said that India presents a tremendous opportunity in oil and gas business for creating wealth and value.

Speaking at the Special Ministerial Session of Petrotech-2009 here, he said that the participation of international energy companies has been increased in the Indian exploration sector.

He added that the entire area of Indian sedimentary basins is expected to be under exploration by 2015 from present level of 44 per cent.

Deora called upon international community to create strategic business initiatives with across the border investments by oil producer and consumer nations in each other's countries. He also emphasized the need for helping each other in the exchange and enhancement of technologies in frontier areas like gas hydrates, coal gasification, gas to liquids, Coal Bed Methane, Ultra Deep Exploration, Enhanced Oil Recovery and Improved Oil Recovery techniques.

Citing the need for more careful management of risks in the oil and gas sector, Deora stressed that turbulence-causing historic highs and lows in oil prices is neither desirable nor in the interest of buyers or sellers.

"I feel that the time has come for all of us to collectively work to ensure global energy security in partnership and to realise the vision of a secure, sustainable, equitable, efficient and productive global energy market", he said.

Various visiting Ministers emphatically brought out the need for closer cooperation between the producer and consumer nations during the Special Ministerial Session.

The Ministers who spoke on the occasion included the Vice Minister of Petroleum Matters, Angola, the Deputy Prime Minister of International and Intergovernmental Relations, Alberta, Canada; the Minister of Commerce and Supplies, Nepal; the Minister of Energy, Mozambique; Deputy Premier and the Minister of Energy and Industry, Qatar; the Minister of Petroleum and Petroleum Resources Development, Sri Lanka, Minister of Petroleum and Mineral Resources, Saudi Arabia, the Minister of Energy and Mining, Sudan, the Minister of Petroleum and Mineral Resources, Syria and Dr. Emmanuel O. Egbogah, President's Special Adviser on Petroleum Matters, Nigeria. (ANI)