ONGC, Shell Energy India sign MoU to explore deepwater blocks, LNG sourcing opportunities
ONGC and Shell Energy India have signed a non-binding memorandum of understanding to explore joint opportunities in deepwater oil and gas exploration. The partnership aims to leverage international expertise for India's offshore energy projects and potential LNG sourcing.
Why it matters
This collaboration is part of a broader strategic effort by India to enhance its domestic energy production and deepwater exploration capabilities through global partnerships.
Oil and Natural Gas Corp (ONGC) and Shell Energy India Private Ltd have signed a non-binding MoU to explore joint opportunities in deepwater and ultra-deepwater oil and gas exploration. The two companies will also look at opportunities for LNG sourcing, ONGC said on Monday.The agreement was signed on August 10 and provides a framework for the two companies to assess potential areas of cooperation across India's energy sector. It does not commit either company to any specific investment or project.Under the proposed collaboration, ONGC and Shell Energy India will explore joint participation in deepwater and ultra-deepwater offshore blocks offered under the government's Open Acreage Licensing Policy (OALP), including the ongoing OALP Rounds X and XI and future bidding rounds.The companies will also examine opportunities under the broader Samudra Manthan initiative, along with possible farm-in and farm-out arrangements involving ONGC's existing OALP blocks."Upstream Oil & Gas: Exploring joint participation in deepwater…
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