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.