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    ExxonMobil, India's ONGC Sign MoU

Summary

The MoU was signed on October 14 on the side-lines of India Energy Forum by Ceraweek.

by: Shardul Sharma

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ExxonMobil, India's ONGC Sign MoU

Indian state-run ONGC signed a memorandum of understanding with the US major ExxonMobil to undertake joint technical studies and to co-operate in frontier areas. This includes working together in deep-water and other petroleum exploration licences that ONGC operates offshore as well as in acreage open for joint bidding, the Indian company said October 15.

The MoU was signed on October 14 on the side-lines of India Energy Forum by Ceraweek at New Delhi by ONGC director (exploration) R K Srivastava and ExxonMobil South Asia head William Davis in the presence of Indian petroleum and natural gas minister Dharmendra Pradhan.

“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,” Davis said.

The work under the MoU will be carried out in three phases, ONGC said, adding this will lead to a joint technical study for potential collaboration areas.

“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,” ONGC chairman Shashi Shanker said.

ExxonMobil October 14 also signed a non-binding MoU with another Indian state-run firm, Indian Oil Corporation, for the introduction of ISO container for Indian gas market. The two companies will identify customers for ISO supply pilot and also for knowledge sharing in areas of LNG supply, demand, and infrastructure.