ONGC and ExxonMobil signs agreement for deepwater exploration in India

ONGC and ExxonMobil Corp have signed a Heads of Agreement (HoA) for deepwater exploration off the country’s East and West coasts.

The oil explorers would concentrate their efforts in the eastern offshore on the Krishna Godavari and Cauvery basins, and in the western offshore on the Kutch-Mumbai region. Rajesh Kumar Srivastava, ONGC’s head of exploration, stated that his company is looking for a “long-term partnership with Exxon.”

India, the world’s third largest oil importer and consumer, imports more than 85% of its oil from abroad.

The country wants to quickly commercialise its oil and gas resources in order to reduce its reliance on expensive imports.

For some time, ONGC has been looking to purchase a stake in ONGC’s local deep water fields.