ExxonMobil May Join Oil Search in KG Basin

Exxon Mobil Corp., the world's largest publicly traded international oil and gas company, may join Oil & Natural Gas Corp. Ltd. (ONGC) in its hunt for hydrocarbons in India's Krishna-Godavari basin, the New Delhi Bureau of Dow Jones reported Thursday.

"We are already partners with ONGC in Russia and are looking at opportunities for increasing our presence in India," the report quoted Exxon Chairman and Chief Executive Rex W. Tillerson as saying in the Hindustan Times newspaper.

Both ONGC's Chairman and Managing Director R.S. Sharma and ONGC Videsh's Managing Director R.S. Butola confirmed ExxonMobil's interest in the Indian basin, the report added.

Spanning some 50,000 square kilometers, the Krishna-Godavari basin contains massive natural gas deposits found in the last decade with reserves ranging from 10 trillion cubic feet of gas (Tcf) to as much as 20 Tcf.