OPEN APP
Home >Companies >ONGC to sign gas exploration pact with ConocoPhillips


ONGC to sign gas exploration pact with ConocoPhillips

ONGC to sign gas exploration pact with ConocoPhillips

Mumbai: India’s Oil and Natural Gas Corp and US oil company ConocoPhillips will sign a pact on Friday to explore and develop shale gas and look for opportunities in deepwater exploration, the Indian state-run explorer said in a statement.

Global energy majors have been pushing to grab a slice of India’s oil and gas reserves and gain exposure to surging demand in Asia’s third-largest economy.

BP paid $7.2 billion last year to acquire 30% stake in 23 oil and gas blocks owned by India’s Reliance Industries.

UK-listed miner Vedanta Resources has also bought controlling stake in explorer Cairn India in a deal valued around $6 billion.

India, the world’s fourth-largest oil importer, meets about 80% of its crude needs through overseas purchases.

It is scouting for oil and gas assets abroad to meet demand in a fast-growing economy, and to feed its expanding refining capacity.

Subscribe to Mint Newsletters
* Enter a valid email
* Thank you for subscribing to our newsletter.

Click here to read the Mint ePaperMint is now on Telegram. Join Mint channel in your Telegram and stay updated with the latest business news.

Close
×
Edit Profile
My ReadsRedeem a Gift CardLogout