Global Oil Major Exxon In Talks To Buy Stake In ONGC’s Deep Sea Fields In India: Report

Global oil major ExxonMobil Corp is likely to invest in the some of the local deep water fields of state-owned Oil and Natural Gas Corporation (ONGC).

The oil major is in talks for investment in the deep water fields around the Andaman islands in India’s east coast.

The development comes as India, which is the third largest oil importer and consumer in the world, is looking for partnerships with global oil majors to quickly monetise its reserves.

Petroleum secretary Tarun Kapoor on Friday (22 October) informed that ExxonMobil was looking to invest in the deep water fields of ONGC.

“They (Exxon) are in talks to invest in deep sea exploration (assets) around Andamans (on India’s east coast). They are evaluating data,” Kapoor was quoted by Reuters as saying.

Earlier on Friday, ONGC chairman Subhash Kumar said that the state-owned firm was looking for strategic partnerships to develop its deep water oil and gas fields.

Kapoor said Exxon would either take a stake in the Indian fields or form a joint venture with ONGC to operate them, reports Economic Times.

“We want to get the experts of the world and those who have experience in deep sea, because 53 per cent of India’s basin area is offshore and that’s where we feel there will be a huge potential,” he said.

“So (we seek) partnerships to do deep sea exploration and then production,” Kapoor added.