ONGC signs an agreement with TotalEnergies

8 Mar 2023 , 08:31 AM

The leading exploration company in India, Oil and Natural Gas Corp, has agreed to explore deep-water blocks with French multinational TotalEnergies, the company tweeted on Monday.

India, the third-largest oil importer and consumer of crude oil, imports more than 85% of its oil. To lessen its reliance on expensive imports, the nation aims to immediately monetize its oil and gas resources.

The goal of the MoU is to offer technical support for ONGC’s efforts to investigate and lower greenhouse gas emissions in the development of deep-water blocks, particularly in the Mahanadi and Andamans, off the east coast of India.

ExxonMobil Corp. and ONGC engaged in an agreement last year to conduct deep-water exploration off the eastern and western coasts of India.

The partnership with Exxon is focused on the Kutch-Mumbai region in the western offshore area as well as the Krishna Godavari and Cauvery basins in the eastern offshore area.

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