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ONGC, ExxonMobil team up for oil exploration

Wednesday, 16 Oct 2019
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ExxonMobil and the Oil and Natural Gas Corporation (ONGC) have tied up for oil exploration in India. The two companies will jointly bid for the upcoming Open Acreage Licensing Policy (OALP) rounds. T

 

The two oil companies signed a memorandum of understanding (MoU) on 15 October 2019. This will enable them to undertake joint technical studies and cooperate in frontier areas like deepwater and other Petroleum Exploration Licence (PEL) blocks of ONGC in the east and west coast and open acreages for joint bidding.

The work under the MoU will be carried out in three phases. This will lead to a joint technical study for potential collaboration areas.

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