Exxon Mobil enters partnership deal with India’s largest explorer

India

Global energy giant, Exxon Mobil Corporation, said it will offer expertise and technology to India’s biggest state-owned explorer Oil and Natural Gas Corp Ltd.

People with the knowledge of the matter said the deal will seek to develop ONGC’s resources in offshore blocks.

“Witnessed the exchange of an MoU between ONGC and ExxonMobil to identify areas for exploration in deep water on east and west coast of India,” Oil Minister Dharmendra Pradhan said in a tweet.

ONGC and ExxonMobil will also jointly identify areas to submit bids for more exploration assets in India, he added.

The Indian oil giant is currently developing deep water oil and gas blocks in India’s east coast, which are expected to come onstream by 2020 and produce 15 million standard cubic meters per day (mscmd) of gas at its peak.