MUMBAI: India’s top explorer Oil and Natural Gas Corp has signed a memorandum of understanding with French major TotalEnergies for exploration of deep-water blocks, the company tweeted on Monday.
India, the world’s third biggest oil importer and consumer, ships in over 85% of its oil from overseas. The country wants to quickly monetise its oil and gas resources to reduce its reliance on costly imports.
The MoU seeks to provide technical help for ONGC’s push to explore and reduce green house emissions in development of deep-water blocks especially in Mahanadi and Andamans, off India’s east coast.
