ONGC Offers to Join Hands with Exxon Mobil in Exploration of Oil Blocks

  • 19-Jan-2021
  • Journalist: Jaideep

Oil and Natural Gas Corporation (ONGC) revealed to have offered a participation interest to international oil giants, Exxon Mobil over the exploration of half a dozen of complex oil blocks. In addition to offering prominent minority stakes to the company, ONGC is also eyeing to partner Exxon Mobil in comprehending few of its oil exploration fields.

The company is even looking forward towards proposing Exxon Mobil the bidding partnership in new rounds of exploration acreages. However, the possibilities of Exxon Mobil in agreeing to all the offers proposed by ONGC is uncertain. Exxon Mobil is anticipated to take its time in studying the offer in detail, inclusive of the geological data needed to gain comprehensive analysis of the project. Exxon Mobil to its will could accept the offer of a minority stake or just seek some revenue for the services offered by it.

ONGC reported to have signed a preliminary agreement in 2019 with Exxon Mobil over the exploration of its difficult joint field along with partnership in the bidding for more acreages. The company revealed that the oil exploration blocks are located on the east and west coast.

ChemAnalyst predicts that the idea behind the offer could be, the collaboration of ONGC with Exxon Mobil could assist it in enhancing the exploration potential of the oil fields with its profound technical expertise.

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