ONGC and ExxonMobil sign MoU for development of offshore resources

India's Oil and Natural Gas Corporation (ONGC) Ltd has signed a memorandum of understanding (MoU) with ExxonMobil. The MoU will enable the two petroleum companies to undertake joint technical studies and cooperate in frontier areas like deepwater and other Petroleum Exploration Licence (PEL) blocks of ONGC in the east and west coasts and open acreages for joint bidding.

The work under the MoU will be carried out in three phases. This will lead to a joint technical study for potential collaboration areas.

Vice President Asia Pacific ExxonMobil, Michael Deal, said: “We welcome the opportunity to work with ONGC and apply our collective expertise to be an even bigger part of India’s bright energy future”.

ONGC CMD, Shashi Shanker, said: “This meaningful partnership with EXXONMobil will be a step towards unlocking value in ONGC PEL offshore blocks, study open acreage areas and enable us to get closer to meeting Country’s energy aspirations”.

Source: oilfieldtechnology.com