ONGC, ConocoPhillips to study shale work

State-owned Oil & Natural Gas Corp. of India said it has signed a memorandum of understanding with ConocoPhillips for cooperation in international exploration and development of shale resources and, possibly, in deepwater exploration offshore India.

“The companies intend to initiate the cooperation in shale gas exploration through joint studies of opportunities in India, North America, and elsewhere,” ONGC said in a press statement. “In addition, both companies also aim to explore possible cooperation in deepwater areas in eastern offshore of India.”

ONGC said the agreement covers “technical and business cooperation.”