India's top explorer Oil and Natural Gas Corp. has signed a memorandum of understanding with French major TotalEnergies for the exploration of deep-water blocks, the company tweeted on March 6.
India, the world's third biggest oil importer and consumer, ships in over 85% of its oil from overseas. The country wants to quickly monetize its oil and gas resources to reduce its reliance on costly imports.
The MoU seeks to provide technical help for ONGC's push to explore and reduce green house emissions in development of deep-water blocks especially in Mahanadi and Andamans, off India's east coast.
"We will jointly evaluate exploration and development opportunities to create synergies with local economies," said Sushma Rawat, ONGCs' Director for Exploration.
ONGC last year signed heads of agreement with U.S. oil giant Exxon Mobil Corp. for deep-water exploration on the country's east and west coasts.
The tie-up with Exxon focuses on the Krishna Godavari and Cauvery basins in the eastern offshore region and the Kutch-Mumbai region in the western offshore area.
Exxon is also keen to buy a stake in some of the local deepwater blocks of ONGC, former oil secretary Tarun Kapoor said.
Recommended Reading
Southwestern Energy Plans Oil, NGL Growth as Gas Prices Slump
2023-04-05 - With U.S. natural gas prices down more than 50% from last year, Southwestern Energy is pivoting capital to its liquids-rich footprint in Appalachia.
E&P Highlights: March 20, 2023
2023-03-20 - Here’s a roundup of the latest E&P headlines, including a Black Sea discovery and new contract awards in the upstream oil and gas industry.
Aethon’s Screamer Well Joins Comstock’s Deep-Bossier Wildcatting
2023-04-10 - Aethon Energy’s 36.9 MMcf/d Currie #2H north of Houston makes for a third well revealed in the Bossier prospect north of Houston that one longtime Texas wildcatter calls a “big boy play.”
By Hook, Crook and Bolt-on, E&Ps Scramble to Add Inventory
2023-03-25 - Operators are adding inventory, largely through M&A, as some E&Ps see well productivity plateauing.
Newest Giant North Houston Bossier Wildcat Won’t Sputter Out
2023-05-04 - Driller Comstock Resources Inc. says it plans to keep it strong-choked to remain at its first-24-hour rate of 36 MMcf/d.