State-owned exploration major Oil and Natural Gas Corporation Limited (ONGC) has inked an agreement with Indian Airlines for long-term lease of two aircraft with an option to buy them.

The aircraft will be used by ONGC for moving its personnel - especially those involved in crisis management - to operational locations and work centres.

"According to the terms of the memorandum of understanding, Indian Airlines will enter into a service contract for operation and maintenance of these aircraft, including a provision for flying and cabin crew," ONGC said in a statement Friday.

"Indian Airlines will also be responsible for the safety of the fleet and the passengers," it said.

Indian Airlines will buy the aircraft and make it available to the ONGC in a couple of months, official sources said.

The exploration major has sought flexibility in the configuration of the seating capacity of the aircraft, which would be nine or 12.

Not disclosing the commercial terms of the contract, ONGC said that it "is retaining an option to convert the lease into purchase during the currency of the lease contract, at agreed terms".