ONGC has signed an exploration agreement with France’s TotalEnergies

India transports more than 85% of its oil from abroad. (File)

New Delhi:

India’s leading explorer Oil and Natural Gas Corp has signed a memorandum of understanding with French major TotalEnergies to explore deepwater blocks, the company said in a tweet today.

India, the world’s third largest oil importer and consumer, imports more than 85% of its oil. The country wants to quickly monetize its oil and gas resources to reduce its dependence on expensive imports.

The MoU seeks to provide technical assistance to ONGC’s drive to explore and reduce greenhouse emissions in developing deepwater blocks, particularly in the Mahanadi and Andaman off India’s east coast.

“We are jointly evaluating exploration and development opportunities to create synergies with local economies,” said Sushma Rawat, ONGCs director of exploration.

ONGC last year signed an agreement with US oil giant ExxonMobil Copr for deep water exploration off the east and west coasts of the country.

The relationship with Exxon is focused on the Krishna Godavari and Cauvery basins in the eastern offshore region and the Kutch-Mumbai region in the western offshore region.

Exxon is also looking to buy a stake in some of ONGC’s local deepwater reservoirs, former oil secretary Tarun Kapoor said.

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