The state oil company of India, Oil and Natural Gas Corporation (ONGC) has signed a Heads of Agreement (HoA) with ExxonMobil for deepwater exploration of the East and West coasts of the country. The HoA was signed by Shri Rajesh Kumar Srivastava, Director (Exploration), ONGC and Dr. Monte K. Dobson, CEO & Lead Country Manager, ExxonMobil India in the presence of Shri Pankaj Jain, Secretary, Ministry of Petroleum & Natural Gas.
The two companies will collaborate to explore the Krishan Godavari and Cauvery Basins in the eastern offshore and the Kutch-Mumbai region in the western offshore. ONGC said a scientific exchange of data over the last few years resulted in this partnership. They see the partnership as a strategic fit where ONGC’s knowledge and experience in these areas will couple with ExxonMobil’s global insights.
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Srivasta explained that once discoveries are made, ONGC hopes to move to development utilising Exxon’s strengths in efficiency and fast-track monetisation. He said this will help India in its pursuit of energy security.
Dobson said Exxon is excited to collaborate with ONGC. He said 25% of “ExxonMobil brain power” is currently engaged in evaluating Indian deepwater, demonstrating that Exxon is geared up to take the collaboration to the next level.
ExxonMobil Corporation’s Chief Executive Officer and Chairman of the Board, Darren Woods, said earlier this year that the company’s strategy is to make sure it is a central partner when national oil companies and other resource holders want someone to develop the resource effectively, efficiently, and sustainably. Woods said the company wants to ensure that when someone needs such a partner, “that the first name to come to mind is ExxonMobil and that we bring those unique capabilities.”
Jain said, “Partnerships between a National Oil Company (NOC) like ONGC and an International Oil Company (IOC) like ExxonMobil will bring tangible benefits in the entire energy value chain and open new vistas to Exploration & Production paradigm. This collaboration will boost our confidence in going further ahead in deepwater exploration in the east coast of India where the potential is quite significant.”
