Oil and Natural Gas Corp, has agreed to explore deep-water blocks with French multinational TotalEnergies, according to a tweet from the business. India, the third-largest oil importer and user in the world, 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 MoU seeks to provide technical help for ONGC's push to explore and reduce green house emissions in development of deep-water blocks especially in Mahanadi and Andamans, off India's east coast. "We will jointly evaluate Exploration and Development opportunities to create synergies with local economies," said Sushma Rawat, ONGCs' Director for Exploration.
ExxonMobil Corp. and ONGC inked a heads of agreement last year to conduct deep-water exploration off the east and west coasts of the United States. 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. According to Tarun Kapoor, a former oil secretary, Exxon is also interested in purchasing a stake in several of the ONGC local deepwater areas.
