ONGC inks MoU with ConocoPhillips for shale resources

Though its initially an MoU,it can lead to equity participation at the next level, he said.

In the first mega deal in the energy sector this year,public sector Oil and Natural Gas Corporation and US oil giant ConocoPhillips have signed a Memorandum of Understanding (MoU) for co-operation in exploration and development of shale resources in India,North America and elsewhere besides deepwater opportunities offshore in eastern India.

The MoU signed between ONGC and ConocoPhillips will promote stronger technical and business cooperation… towards achieving energy security for sustaining Indias booming economy, ONGC chairman Sudhir Vasudeva said. Though its initially an MoU,it can lead to equity participation at the next level, he said.

ConocoPhilips is the third-largest US integrated energy company,based on market capitalisation,as well as proven reserves and production of oil and natural gas,and the largest refiner in the US. Its also the seventh-largest holder of proven reserves and the fourth-largest refiner worldwide,among private companies.

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The US firm has extensive experience in the field of shale gas exploration and exploitation in the US and holds large acreage position,while ONGCs endeavour in shale gas is at a nascent stage.

The cooperation between the two majors is expected to accelerate the learnings in shale gas for the mutual benefit of both the companies. The companies intend to initiate the cooperation in shale gas exploration through joint studies of opportunities in India,North America,and elsewhere.

In addition,both companies also aim to explore possible cooperation in deepwater areas in eastern offshore fields of India.

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