Indian oil explorer and producer Oil and Natural Gas Corp. said on Aug. 17 it signed a heads of agreement with global petroleum giant Exxon Mobil Corp. for deepwater exploration in the country’s East and West coasts.
The two oil explorers would focus on the Krishna Godavari and Cauvery basins in the eastern offshore and the Kutch-Mumbai region in the western offshore, ONGC said in a release.
India, the world’s third biggest oil importer and consumer, ships in over 85% of its oil needs from overseas. The country wants to quickly monetize its oil and gas resources to reduce its reliance on costly imports.
ONGC's head of exploration Rajesh Kumar Srivastava said his company is looking for a “long-lasting partnership with Exxon.”
“Through the discovery route, ONGC hopes to move to development wherein the inherent strength of Exxon Mobil would be beneficial for efficient fast-track monetization,” he said.
Exxon Mobil has been looking to buy a stake in local deepwater fields of ONGC for some time.
India’s crude oil production fell 1.6% to about 600,000 bbl/d (2.44 million tonnes) in June, dipping over 4% versus the previous month.
2022-09-26 - An employee of Axis Energy Services was killed in an accident at Exxon Mobil's East Texas oil drilling facility on Sept. 20.
2022-07-21 - A Houston-based company is gearing up for a field trial in the Permian Basin to prove technology that aims to produce hydrogen biologically found in the oil reservoirs.
2022-08-26 - Neptune and its partners will consider developing the 35/6-3 S Ofelia well as a tieback to the Gjøa platform, located in the Norwegian North Sea, after a recent discovery.
2022-07-11 - The move comes as President Joe Biden has sought to balance his goals of fighting climate change with calls to increase fuel supplies in the face of soaring prices.
2022-08-05 - Equinor plans to electrify its Rosebank oil and gas field project, an uncommon approach to offshore projects in the British North Sea.