ONGC, TotalEnergies Sign Deepwater Exploration Deal

Monday, March 6, 2023

India's top explorer, Oil and Natural Gas Corp has signed a memorandum of understanding with French major TotalEnergies for exploration of deep-water blocks, the company tweeted on Monday.

India, the world's third biggest oil importer and consumer, ships in over 85% of its oil from overseas. The country wants to quickly monetise its oil and gas resources to reduce its reliance on costly imports.

The MoU seeks to provide technical help for ONGC's push to explore and reduce green house emissions in development of deep-water blocks especially in Mahanadi and Andamans, off India's east coast.

"We will jointly evaluate Exploration and Development opportunities to create synergies with local economies," said Sushma Rawat, ONGCs' Director for Exploration.

ONGC last year signed heads of agreement with U.S. oil giant ExxonMobil for deep-water exploration on the country's east and west coasts.

The tie-up with Exxon focuses on the Krishna Godavari and Cauvery basins in the eastern offshore region and the Kutch-Mumbai region in the western offshore area.

Exxon is also keen to buy a stake in some of the local deepwater blocks of ONGC, former oil secretary Tarun Kapoor said.

(Reuters - Reporting by Nidhi Verma, editing by Ed Osmond)

Categories: Energy Deepwater Drilling Industry News Activity Asia

Related Stories

Technip Energies Gets FEED Job for Inpex’ Abadi LNG Project in Indonesia

Keppel, Seatrium in $53M Arbitration Case Over Brazil Corruption Scheme

Subsea7 Secures Work at Black Sea Field off Türkiye

Saipem Wins FEED Contract For Abadi LNG Project FPSO Module In Indonesia

Valeura Energy, PTTEP Partner Up on Gulf of Thailand Blocks

One Shelf Drilling Rig Up for New Job in India, Other for Disposal

BP Expands Oil and Gas Scope in Azerbaijan with New Projects and Exploration Rights

Valeura Concludes Eight-Well Drilling Campaign in Gulf of Thailand

Velesto’s Jack-Up Rig Up for Drilling Job Offshore Vietnam

Chuditch Gas Field Up for Summer Drilling Ops as Sunda Reshapes Ownership Structure

Current News

Technip Energies Gets FEED Job for Inpex’ Abadi LNG Project in Indonesia

Keppel, Seatrium in $53M Arbitration Case Over Brazil Corruption Scheme

Subsea7 Secures Work at Black Sea Field off Türkiye

CIP, Petrovietnam Team Up for Offshore Wind Project in Vietnam

Seatrium Signs FLNG Vessel Upgrade Deal for Golar LNG

EnQuest Enters Indonesia with Operatorship PSCs for Two Exploration Blocks

PXGEO Nets First Seismic Survey off Malaysia

SPE Offshore Europe 2025 set to drive transformational change for the energy sector

Shipbuilder Delivers Fast Crew Boat Pair to Aesen

Norwegian Oil Investment Will Peak in '25

Subscribe for AOG Digital E‑News

AOG Digital E-News is the subsea industry's largest circulation and most authoritative ENews Service, delivered to your Email three times per week

https://accounts.newwavemedia.com