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ONGC, ExxonMobil sign agreement for deepwater exploration
Oil and Natural Gas Corporation (ONGC) has signed a Heads of Agreement (HoA) with global petroleum giant ExxonMobil for Deepwater exploration on the 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. Partnerships such as these will reportedly bring tangible benefits to the entire energy value chain and open new vistas for Exploration and Production paradigm. This collaboration will boost confidence in going further ahead in deepwater exploration on the east coast of India where the potential is quite significant.
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