ONGC inks pact with ExxonMobil for deepwater exploration in India

18 Aug 2022 , 09:31 AM

Oil and Natural Gas Corporation (ONGC) informed to the exchanges that it has signed a Heads of Agreement (HoA) with global petroleum giant ExxonMobil for Deepwater exploration in East and West coasts of India.

The agreement was signed in the Ministry of Petroleum & Natural Gas on August 17, 2022 by Rajesh Kumar Srivastava, Director (Exploration), ONGC  and Dr. Monte K Dobson, CEO & Lead Country Manager, ExxonMobil India in the presence of Pankaj Jain, Secretary, Ministry of Petroleum & Natural Gas.

The partnership areas focus on the Krishna Godavari and Cauvery Basins in the eastern offshore and the Kutch-Mumbai region in the western offshore. There has been a scientific exchange of exploration data in the last few years, which has led to this partnership.

Alliance between ONGC and ExxonMobil will be a strategic fit where ONGC’s knowledge and past experience in these areas will be coupled with ExxonMobil’s global insights.

“Partnerships between ONGC and ExxonMobil will bring tangible benefits in the entire energy value chain and open new vistas to Exploration & Production paradigm”, said Pankaj Jain on the development.

ExxonMobil India’s CEO & Lead Country Manager Dr. Monte K Dobson said, “It is an exciting opportunity to collaborate with ONGC.” He further added that “25% of the ExxonMobil brain power is currently engaged in evaluating Indian deepwater. ExxonMobil is geared up to take this collaboration to the next level.”

At around 9:31 AM, Oil & Natural Gas Corpn Ltd was trading at Rs136 per share down by Rs3.65 or 2.61% from its previous closing of Rs139.65 per share on the BSE.