Oil and Natural Gas Corporation (ONGC) has signed a Memorandum of Understanding (MOU) with ConocoPhillips, USA for co-operation in exploration and development of shale resources in India, North America and elsewhere besides deepwater opportunities in Eastern offshore India. The MOU was signed on March 30, 2012 in Mumbai and will promote stronger technical and business co-operation.
ConocoPhillips has extensive experience in the field of shale gas exploration and exploitation in the US and holds large acreage position, while ONGC's endeavor in shale gas is at a nascent stage. The co-operation between the two majors is expected to accelerate the learning in shale gas for the mutual benefit of both the companies.
Recently, ONGC had been awarded six blocks by Ministry of Petroleum and Natural Gas, Government of India under NELP IX. Of the six blocks, the company had bagged four as operator and two as minority partner. Besides, its bids were rejected for 8 areas including five deep-sea blocks.
