Exxon looks to buy stake in ONGC’s Indian deep sea fields

Global oil major ExxonMobil Corp is looking at buying a stake in some of the local deep water fields of Indian explorer Oil and Natural Gas Corp, oil secretary Tarun Kapoor said on Friday.

India, the world’s third biggest oil importer and consumer, ships in about 85% of its oil needs from overseas and has been scouting for partnerships with global oil majors to quickly monetise its reserves.