Exxon Inks India Offshore Exploration Deal With ONGC
U.S. supermajor ExxonMobil and Indian state-owned company Oil and Natural Gas Corporation (ONGC) have signed a Heads of Agreement for deepwater exploration on the East and West coasts of India.
The Heads of Agreement document was signed by India’s Secretary of the Ministry of Petroleum & Natural Gas Shri Pankaj Jain on August 17, 2022, as well as the Director of Exploration at ONGC Shri Rajesh Kumar Srivastava and the CEO and Lead Country Manager for ExxonMobil India Monte Dobson.
The collaboration areas focus on the Krishna Godavari and Cauvery Basins in the eastern offshore and the Kutch-Mumbai region in the western offshore.
There has been a scientific exchange of exploration data in the last few years, which has led to this partnership. Collaboration between ONGC and ExxonMobil will be a strategic fit where ONGC’s knowledge and experience in these areas will be coupled with ExxonMobil’s global insights.
“Partnerships between a National Oil Company like ONGC and an International Oil Company like ExxonMobil will bring tangible benefits in the entire energy value chain and open new vistas to Exploration & Production paradigm. This collaboration will boost our confidence in going further ahead in deepwater exploration on the east coast of India where the potential is quite significant,” Petroleum Secretary Shri Pankaj Jain said.
“With this strategic collaboration to pursue exploration, I look forward to a long-lasting partnership. Through the discovery route, ONGC hopes to move to development wherein the inherent strength of ExxonMobil would be beneficial for efficient fast-track monetization. This will enable ONGC to ensure steps towards Energy Security for India,” Srivastava added.
“It’s an exciting opportunity to collaborate with ONGC. Great things happen when the right people collaborate. He further added that 25 percent of the ExxonMobil brain power is currently engaged in evaluating Indian deepwater. ExxonMobil is geared up to take this collaboration to the next level,” Dobson concluded.
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