Oil and Natural Gas Corporation (ONGC) and Shell Energy India Private Ltd have entered a non-binding Memorandum of Understanding (MoU) to explore collaborative opportunities in deepwater oil and gas exploration as well as liquefied natural gas (LNG) sourcing, marking a significant step in international cooperation in India’s upstream energy sector. Signed on August 10, the agreement allows for potential collaboration in offshore blocks under the government’s Open Acreage Licensing Policy, including future bidding rounds and opportunities to participate in OALP Rounds X and XI.
This partnership aligns with ONGC’s strategy to incorporate international expertise into India’s deepwater exploration, having previously engaged with ExxonMobil and Chevron for similar initiatives. The two companies will focus on joint participation in deepwater blocks and explore farm-in and farm-out opportunities within ONGC’s current acreage while also assessing LNG sourcing to support India’s transition to a gas-based economy.
This collaboration is crucial as India seeks to enhance exploration of offshore resources and attract investment for challenging deepwater projects. It aims to meet rising energy demand, secure long-term energy provisions, and strengthen the country’s position in offshore exploration through partnerships with global energy leaders.
