EXXONMOBIL OFFERED INTERESTS IN EXPLORATION BLOCKS IN INDIA’S DEEPWATER

India’s ONGC (Oil and Natural Gas Corp) has offered energy giant ExxonMobil a participating interest in about half a dozen exploration blocks located on the east and west coasts of India in Cauvery basin and Mumbai offshore
Exxon is likely to take a view after studying geological data, and a deal may take some time. ONGC is expected to offer a significant minority stake to Exxon in these blocks. It is also looking at partnering ExxonMobil in some of its difficult producing fields, as well as jointly bidding for exploration acreages in new rounds.
ONGC is studying a collaboration with Exxon to realise production potential in difficult fields by drawing on the latter’s technical expertise in dealing with similar plays elsewhere, another person said. However, the contours of possible partnership in producing fields located in difficult terrain are unclear. It could involve Exxon acquiring a participating interest in the field, a share in the enhanced output, or just seeking a fee for the service provided, he said.
(Source: India Times)