• ONGC offers stakes to ExxonMobil in multiple offshore blocks

    ONGC has recently approached the US super major about the possibility of the latter taking interests in six exploration tracts, according to a media report in India.

    “ONGC recently wrote to ExxonMobil, asking if it would like to be a joint venture partner in exploration acreages in Cauvery basin and Mumbai offshore,” leading Indian business news daily, The Economic Times, reported on Tuesday.

    The US giant is said to be presently studying the geological data involving the offshore blocks, following which it is likely to take a decision at a later stage.

    ONGC is expected to offer a significant minority stake to ExxonMobil in the six offshore blocks and is looking at partnering with ExxonMobil in some of its difficult producing fields, reports added.

    India’s Petroleum Minister Dharmendra Pradhan said last month that ExxonMobil is in talks to buy stakes in producing oil and gas fields in state-owned oil companies.

    “ExxonMobil is in active discussion with some of our companies to participate in some of our producing fields,” Pradhan had said.

    ONGC in 2019 signed an agreement with ExxonMobil to carry out joint technical studies, co-operate in offshore blocks and together bid for upcoming licensing rounds in India.

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