ONGC Signs Mou with ExxonMobil for Study in PEL Offshore Blocks and Open Acreage Areas

Source Press Release
Company ONGCExxonMobil 
Tags Asset Deals, Deals, Upstream Activities
Date October 15, 2019

Oil and Natural Gas Corporation (ONGC) Limited has signed a Memorandum of Understanding (MoU) with US petroleum giant EXXON-Mobil on 14 October 2019. This MoU will enable the two petroleum companies to undertake joint technical studies and cooperate in frontier areas like deep water and other Petroleum Exploration Licence (PEL) blocks of ONGC in east and west coast and open acreages for joint bidding.

The MoU was signed on the side-lines of IHS-CERAWeek at Delhi by ONGC Director (Exploration) Mr R K Srivastava and  EXXON-Mobil CEO, South Asia Mr William P Davis in the presence of Minister of Petroleum & Natural Gas and Steel, Mr. Dharmendra Pradhan, Petroleum Secretary, Dr. M M Kutty and ONGC CMD Mr. Shashi Shanker.

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

Talking after the MoU, Vice President Asia Pacific EXXONMobil Mr Michael Deal said, “We welcome the opportunity to work with  ONGC and apply our collective expertise to be an even bigger part of India’s bright energy future”.

ONGC CMD Mr Shashi Shanker said, “This meaningful partnership with  EXXONMobil will be a step towards unlocking value in  ONGC PEL offshore blocks, study open acreage areas and enable us to get closer to meeting Country’s energy aspirations”.

Source: EvaluateEnergy® ©2019 EvaluateEnergy Ltd