Oil and Natural Gas Corporation (ONGC) has signed a Heads of Agreement (HoA) with global oil giant ExxonMobil Corp for exploration of oil and gas in the deepsea on the country’s east and west coasts.
The two oil explorers would focus on the Krishna Godavari and Cauvery basins in the eastern offshore and the Kutch-Mumbai region in the western offshore. 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 insight.
ONGC is India’s largest government-run corporation and produces about 70% of India’s crude oil and natural gas. The corporation is the biggest public sector commercial organization in India.
