Oil and Natural Gas Corp (ONGC) and China National Petroleum Corp (CNPC) will renew a co-operation pact in areas such as exploration, an Indian oil ministry official said.

The energy-hungry Asian nations - widely blamed for a record rise in oil prices - usually compete for stakes in foreign oil and gas projects to secure supplies. “Although we are rivals, the interests of India and China converge when it comes to hydrocarbons. With ONGC, they (CNPC) will sign an MoU (Memorandum of Understanding),” the official told reporters on Monday.