ONGC has signed an MoU with France’s TotalEnergies

MUMBAI: India’s best explorer Oil and Natural Gas Corp It has signed a memorandum of understanding with French major TotalEnergies to explore deepwater blocks, the company said in a tweet on Monday.
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 memorandum seeks to provide technical assistance ONGCparticularly in the Mahanadi and Andaman deepwater blocks off India’s east coast, prompting research and mitigation of greenhouse emissions.
“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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