State-owned Indian Oil Corporation( IOC) has signed an MoU with Korea Gas Corporation, Kogas, to jointly explore and produce oil and gas at the global level. A statement by IOC said, the MoU which also provides for developing natural gas infrastructure projects and liquified natural gas or LNG sourcing, was signed at the Petrotech 2012 conference in New Delhi today. IOC Chairman R S Butola emphasised the need to carry the MoU forward and make progress on areas identified for co-operation in a time bound manner.