ONGC has signed a memorandum of understanding (MoU) with Chevron New Ventures PTE, a subsidiary of California-based energy major Chevron Corporation, to assess exploration potential in India. The strategic collaboration is a part of ONGC’s international outreach program of inviting global E&P companies for a suitable partnership to explore the frontier areas and geologically challenging and difficult plays in Cat-I, II and III of Indian sedimentary basins.
The discussion between the two global oil majors took place in relation to the G&G data viewing for assessing the prospectivity of a number of Indian sedimentary basins. After the first round of discussion initiated with Chevron, a Confidentiality Agreement was executed between the companies.
At present, the in-depth G&G data viewing is in progress by the technical teams of Chevron physically across the work centers of ONGC, including Kolkata, Tripura, Dehradun and Chennai. This meaningful partnership with Chevron will be a step toward unlocking value in ONGC’s operated onshore and offshore blocks, studying open acreage areas and enabling us to get closer to meeting the country’s energy aspirations.
Besides Chevron, ONGC is also in talks with a number of such companies that have shown interest in India’s exploration sector.
