ONGC, EXXON-Mobil ink pact for technical cooperation

Oil and Natural Gas Corporation (ONGC) Limited and EXXON-Mobil have signed a Memorandum of Understanding (MoU) for joint technical studies and cooperation in deep water and other Petroleum Exploration Licence (PEL) blocks of ONGC.

An ONGC statement said that the blocks covered by the MoU are in the east and west coast. The work under the MoU will be carried out in three phases. This will lead to a joint technical study for potential collaboration areas.

The MoU was signed on the side-lines of IHS-CERAWeek.

Chairman and Managing Director at ONGC, Shashi Shanker said, “This partnership with EXXON-Mobil will be a step towards unlocking value in ONGC PEL offshore blocks, study open acreage areas.”