Exxon Mobil, India’s ONGC sign expertise-sharing deal

Exxon Mobil, India’s ONGC sign expertise-sharing deal

Global energy giant Exxon Mobil Corp will offer its expertise and technology to India’s biggest state-owned explorer Oil and Natural Gas Corp Ltd to help develop its resources in offshore blocks, according to two sources directly privy to the development.

The memorandum of understanding (MoU), signed late Monday, will be later signed as a definitive deal after Exxon studies the blocks of the company, one of the sources told Reuters. Lately, India is generating a lot of interest worldwide in its oil and gas operations, as growing demand amid a global slowdown and government policies have made investments and returns attractive.

“Witnessed the exchange of a MoU between ONGC and ExxonMobil to identify areas for exploration in deep water in 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. Read more

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