New Delhi: Oil and Natural Gas Corp (ONGC) has offered energy giant ExxonMobil a participating interest in about half a dozen exploration blocks, sources with knowledge of deliberations told ET. The blocks are on the east and west coasts. ONGC NSE 1.60 % recently wrote to ExxonMobil, asking if it would like to be a joint venture partner in exploration acreages in Cauvery basin and Mumbai offshore, said one of the persons.
Exxon is likely to take a view after studying geological data, and a deal may take some time. ONGC is expected to offer a significant minority stake to Exxon in these blocks. It is also looking at partnering ExxonMobil in some of its difficult producing fields, as well as jointly bidding for exploration acreages in new rounds.
