Collaboration to boost confidence in exploiting deepwater oil&gas, says Jain
Twenty-five per cent of the ExxonMobil brain power is currently engaged in evaluating Indian deepwater, which would help India increase its hydrocarbon production from resource-rich basins.
“Twenty-five per cent of the ExxonMobil brain power is currently engaged in evaluating Indian deepwater,” ExxonMobil India’s CEO & Lead Country Manager Dr. Monte K Dobson said on 17 Aug 2022 after signing a collaboration pact with Oil and Natural Gas Corp (ONGC).
“ExxonMobil is geared up to take this collaboration to the next level. It’s an exciting opportunity to collaborate with ONGC.
“Great things happen when the right people collaborate,” he added.
ExxonMobil and ONGC have signed a Heads of Agreement (HoA) for Deepwater exploration in East and West coasts of India.
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.
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 insights, said the Ministry of Petroleum and Natural Gas.
Speaking at the event, The Petroleum Secretary Pankaj 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.”
The Director (Exploration) ONGC Rajesh Kumar Srivastava added, “With this strategic collaboration to pursue exploration, I look forward to long lasting partnership.
“Through the discovery route, ONGC hopes to move to development wherein the inherent strength of ExxonMobil would be beneficial for efficient fast-track monetization. This will enable ONGC to ensure steps towards Energy Security for India.”
The Heads of Agreement document was signed in the Ministry of Petroleum & Natural Gas on 17 August 2022 by Srivastava and Dr. Monte K Dobson in the presence of Jain. fiinews.com
