Total Would Like to Swap Acreage with ONGC

Total is offering to trade stakes in some of its offshore acreage for interest in three ONGC blocks located offshore Western India. Total is interested in acquiring a 20-40% stake with or without operatorship. Total has identified the shallow water block GS-OSN-2001/1 in Gujarat Saurashtra basin and the deepwater block CY-DWN-2001/1 in Kaveri Basin from the blocks awarded to ONGC during NELP-III and deepwater block GK-DW-1 in Kutch Saurashtra as it has a deep water block in the adjoining area across the border (in Pakistani territory) where a deep water well is planned to be drilled.

The ONGC board met earlier this month and decided the proposal deserved consideration and has signed a Memorandum of Cooperation with Total. However, no specific blocks were identified. The MoC covers intellectual knowledge sharing in areas where the parties are in a position to complement each other; swapping of information and collaboration in acreages presenting similar exploration potential and risk factor; collaboration and sharing of expertise in ONGC's deepwater acreages and adjacent area; and collaboration in future opportunities.