India exports more than 85% of its oil from abroad. (file)
New Delhi:
India’s top explorer Oil and Natural Gas Corp has signed MoU with French major Total Energy for exploration of deepwater blocks, the company tweeted today.
India, the world’s third largest oil importer and consumer, ships over 85% of its oil from abroad. The country is looking to rapidly monetize its oil and gas resources to reduce dependence on costly imports.
The MoU seeks to provide technical support for ONGC’s push to detect and reduce greenhouse emissions in the development of deepwater blocks in the Mahanadi and Andaman, off India’s east coast.
“We will jointly evaluate exploration and development opportunities to create synergies with local economies,” said Sushma Rawat, Director of Exploration, ONGC.
ONGC last year signed heads of agreement with US oil giant ExxonMobil Copar for deepwater exploration off the east and west coasts of the country.
The tie-up with Exxon is focused on the Krishna Godavari and Kaveri basins in the eastern offshore sector and the Kutch-Mumbai sector in the western offshore sector.
Former oil secretary Tarun Kapoor said Exxon is also keen to buy stake in some of ONGC’s local deepwater blocks.
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