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    ONGC signs agreement with ExxonMobil for deepwater exploration in India

    ONGC signs agreement with ExxonMobil for deepwater exploration in India

    ONGC signs agreement with ExxonMobil for deepwater exploration in India
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    By CNBC-TV18  IST (Published)

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    Shares of ONGC ended at Rs 139.65, down by Rs 0.25, or 0.18 percent on the BSE.

    State-owned Oil and Natural Gas Corporation (ONGC) on Wednesday said it has signed heads of agreement with global petroleum giant ExxonMobil for deepwater exploration in the east and west coasts of India.
    The collaboration 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.
    Collaboration 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.
    Speaking at the event, petroleum secretary Pankaj Jain said, "Partnerships between a national oil company like ONGC and an international oil company like ExxonMobil will bring tangible benefits in the entire energy value chain and open new vistas to exploration & production paradigm.
    This collaboration will boost our confidence in going further ahead in deepwater exploration in the east coast of India where the potential is quite significant."
    The director (exploration) ONGC Rajesh Kumar Srivastava said, "With this strategic collaboration to pursue exploration, I look forward to a long-lasting partnership. Through the discovery route, ONGC hopes to move to development wherein the inherent strength of ExxonMobil would be beneficial for efficient fast-track monetization. This will enable ONGC to ensure steps towards Energy Security for India."
    ExxonMobil India's CEO and lead country manager Dr Monte K Dobson said, "It’s an exciting opportunity to collaborate with ONGC. Great things happen when the right people collaborate."
    He further added that 25 percent of the ExxonMobil brain power is currently engaged in evaluating Indian deepwater. ExxonMobil is geared up to take this collaboration to the next level.
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