“The collaboration areas focus on the Krishna Godavari and Cauvery basins in the eastern offshore and the Kutch-Mumbai region in the western offshore. There has been a scientific exchange of exploration data in the last few years, which has led to this partnership,” ONGC said in a statement.
The two companies signed a heads of agreement in New Delhi on Wednesday in the presence of oil secretary Pankaj Jain.
Jain said the partnership will bring tangible benefits in the entire energy value chain and open new vistas to the exploration and production paradigm.
ExxonMobil India’s CEO Monte K Dobson said 25% of ExxonMobil’s brainpower is currently engaged in evaluating Indian deep-water.
“ExxonMobil is geared up to take this collaboration to the next level,” he said.