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ONGC looks to rope in US major
Public sector oil major ONGC Ltd is close to joining hands with US energy major ConocoPhillips for joint exploration in 19 deepwater oil and gas blocks, besides undertaking shale gas exploration opportunities in India and abroad. Anupama Airy reports.
Public sector oil major ONGC Ltd is close to joining hands with US energy major ConocoPhillips for joint exploration in 19 deepwater oil and gas blocks, besides undertaking shale gas exploration opportunities in India and abroad.
ConocoPhillips is the third-largest integrated energy company in the US and the fifth-largest refiner in the world.
An official on ONGC’s board told Hindustan Times that ONGC and ConocoPhillips will shortly sign a co-operation agreement for exploration in deepwater and shale gas blocks in India.
Under the proposed deal, ONGC has offered 19 of its deepwater oil and gas exploration blocks in the Krishna Godavari basin, along with other offshore basins including Cauvery, Mahanadi and the Andaman and Nicobar basins, to ConocoPhillips for evaluation and joint exploration.
The two companies will also look at co-operation in onshore shale gas opportunities in India, North America and elsewhere in the world.
A successful tie-up with ConocoPhillips is expected to help ONGC maintain its position as the country’s leading oil and gas producer, experts said.
Public sector oil major ONGC Ltd is close to joining hands with US energy major ConocoPhillips for joint exploration in 19 deepwater oil and gas blocks, besides undertaking shale gas exploration opportunities in India and abroad.
ConocoPhillips is the third-largest integrated energy company in the US and the fifth-largest refiner in the world.
An official on ONGC’s board told Hindustan Times that ONGC and ConocoPhillips will shortly sign a co-operation agreement for exploration in deepwater and shale gas blocks in India.
Under the proposed deal, ONGC has offered 19 of its deepwater oil and gas exploration blocks in the Krishna Godavari basin, along with other offshore basins including Cauvery, Mahanadi and the Andaman and Nicobar basins, to ConocoPhillips for evaluation and joint exploration.
The two companies will also look at co-operation in onshore shale gas opportunities in India, North America and elsewhere in the world.
A successful tie-up with ConocoPhillips is expected to help ONGC maintain its position as the country’s leading oil and gas producer, experts said.
