Deepwater exploration tempting: Wood Mackenzie

Wood Mackenzie, a research and consultancy firm, Friday said it believes the risk-reward balance in India’s deepwater exploration is “sufficiently tempting” to bring in the industry’s big players led by the government reforms and ease of doing business in the recent years.

“There is alignment and agreement from the PM’s (India) office down to the regulator that more offshore exploration is needed,” a report said.

The report added that owing to the availability of new unexplored blocks and attractive fiscal terms, major companies like ExxonMobil, Total and Chevron are looking at deepwater opportunities with state-owned ONGC Ltd.