ONGC has teamed up with ConocoPhillips for exploration.
The two companies will collaborate on exploration and development of 19 deepwater oil and shale gas blocks. The Phase I involves evaluation of data across Damodar, Cauvery and Krishna-Godavari basins. ConocoPhillips has extensive experience in the field of shale gas exploration and exploitation in the US where the company holds large acreage position. Conoco’s expertise could help ONGC boost production and raise much-needed cash to fund its investment plans.
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