New Delhi: State-run energy major Oil and Natural Gas Corp (ONGC) has tied up with French multinational TotalEnergies to establish a holistic framework for exchange of technical strengths in deep-water offshore.
“ONGC inks MoU with French multinational TotalEnergies to establish holistic framework between the two for exchange of each other’s technical strengths in deep-water offshore, especially Mahanadi & Andaman,” the company tweeted on Monday.
The MoU seeks to provide technical help for ONGC’s push to explore and reduce green house emissions in development of deep-water blocks especially in Mahanadi and Andamans, off India’s east coast.
“We will jointly evaluate Exploration and Development opportunities to create synergies with local economies,” said Sushma Rawat, ONGCs’ Director for Exploration.
This collaboration shall lead to deployment of best practices and technology in offshore, to reduce greenhouse emissions for sustainable development.
“This strategic technology-driven collaboration will develop future cooperation for potential business in deepwaters of Bay of Bengal on mutually aligned purpose,” ONGC said in a tweet.
In August 2022, ONGC signed an agreement with American oil and gas major ExxonMobil for deepwater exploration at India’s east and west coasts. The tie-up is expected to firm up by March-end.
ONGC produces two-third of all oil and gas produced in the country and any incremental production would help the country cut its dependence on imports for meeting energy needs.
India imports over 85% of the crude oil, which is converted into fuel such as petrol and diesel in refineries, and roughly half of the natural gas that is used to produce electricity, make fertiliser, converted into CNG for running automobiles and piped to household kitchens for cooking.
The government has been pressing state-owned firms to step up efforts to raise domestic output to help cut the $115 billion import bill.
