India’s high explorer Oil and Natural Gas Corp has signed a memorandum of understanding with French main TotalEnergies for exploration of deep-water blocks, the corporate tweeted on March 6.
India, the world’s third-biggest oil importer and shopper, ships in over 85% of its oil from abroad. The nation desires to rapidly monetise its oil and gasoline assets to scale back its reliance on pricey imports.
The MoU seeks to supply technical assist for ONGC’s push to discover and scale back greenhouse emissions within the growth of deep-water blocks particularly in Mahanadi and Andamans, off India’s east coast.
“We will jointly evaluate Exploration and Development opportunities to create synergies with local economies,” stated Sushma Rawat, ONGC’s Director for Exploration.
ONGC final 12 months signed heads of settlement with U.S. oil big ExxonMobil Corp for deep-water exploration on the nation’s east and west coasts.
The tie-up with Exxon focuses on the Krishna Godavari and Cauvery basins within the jap offshore area and the Kutch-Mumbai area within the western offshore space.
Exxon can also be eager to purchase a stake in among the native deepwater blocks of ONGC, former oil secretary Tarun Kapoor stated.
Source: www.thehindu.com