ExxonMobil, ONGC eye upstream cooperation

Oct. 15, 2019
ExxonMobil Corp. and Oil & Natural Gas Corp. have signed a memorandum of understanding covering exploration and development in India.

ExxonMobil Corp. and Oil & Natural Gas Corp. have signed a memorandum of understanding covering exploration and development in India.

ONGC said the agreement “will enable the two petroleum companies to undertake joint technical studies and cooperate in frontier areas like deep water and other petroleum exploration license blocks of ONGC” in India and in open-acreage bidding.

It said three phases of MOU work will lead to a joint technical study for potential collaboration.

ExxonMobil’s work in India now is mainly marketing and distribution of oil products.

The company also has signed 5-year agreements with the Indian Institute of Technology expanding cooperative research in biofuels, gas conversion, and industrial emissions reduction.