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ONGC Inks MoU With French Multinational TotalEnergies
MoU will explore deep-water blocks, especially in Mahanadi and Andaman.
Photo Credit : Rohit Chintapali | BW Businessworld
The Oil and Natural Gas Corporation (ONGC) on Monday announced it has signed a memorandum of understanding (MoU) with French Multinational TotalEnergies for exploration of deep-water blocks, especially in Mahanadi and Andaman.
This strategic technology-driven collaboration will develop future cooperation for potential business in Deepwaters of Bay of Bengal on mutually aligned purpose for the two companies.
"We will jointly evaluate Exploration & Development opportunities to create synergies with local economies," said Sushma Rawat, ONGCs' Director for Exploration.
The collaboration between ONGC and TotalEnergies is expected to lead to deployment of best practices and technology in offshore, to reduce greenhouse emissions for sustainable development.
India is world’s third biggest oil importer and consumer, ships in over 85 per cent of its oil from overseas.