Offshore Oil exploration to be intensified in East and West Coast

2022-08-18 13:40:44 Marine News

With hardly any oil find in the country during the last two decades and dependence on imports going up to eighty per cent, Government has intensified the search for oil in effort to reduce the import costs.

In this context, Oil and Natural Gas Corporation (ONGC) has signed a Heads of Agreement (HoA) with global petroleum giant ExxonMobil for Deepwater exploration in East and West coasts of India. The Heads of Agreement document was signed in the Ministry of Petroleum & Natural Gas on August 17th by Mr Rajesh Kumar Srivastava, Director (Exploration), ONGC  and Dr. Monte K Dobson, CEO & Lead Country Manager, ExxonMobil India in the presence of Mr Pankaj Jain, Secretary, Ministry of Petroleum & Natural Gas.

The collaboration areas focus on the Krishna Godavari and Cauvery Basins in the eastern offshore and the Kutch-Mumbai region in the western offshore. There has been a scientific exchange of exploration data in the last few years, which has led to this partnership. Collaboration between ONGC and ExxonMobil will be a strategic fit where ONGC’s knowledge and past experience in these areas will be coupled with ExxonMobil’s global insights.

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