Shipping Corporation of India (SCI) has started fresh talks with the country's biggest public sector oil company, Oil and Natural Gas Corporation (ONGC), to form a joint venture to facilitate the explorer in its offshore oil exploration activities. Earlier in 2006, the company had signed a memorandum of understanding (MoU) with ONGC, but the project was later shelved.
SCI plans to offer vessels and other stuff for ONGC's offshore exploration activities and is looking to cater to nearly 40-50% of ONGC's equipment requirements and ONGC will not give out 100% of its requirements to SCI, but the venture will ideally look at catering to 30-50% of the requirements of ONGC.
