ONGC, BP Tie-Up For Oil & Gas Exploration
New Delhi: For oil and gas exploration and fabrication in India and overseas, state-run Oil and Natural Gas Corp (ONGC) has tied-up with British oil major BP Plc.
After the two companies signed up a memorandum of understanding (MoU), R S Sharma, ONGC chairman and managing director said, “We need expertise and BP has domain knowledge of E&P business.”
The MoU is for joint effort in exploration and production (E&P) business in India as well as abroad. This comprises contribution of ONGC and BP in each other’s abroad and local assets such as coal bed methane blocks in India.
ONGC director (exploration) D K Pande and BP president (Middle East and South Asia) Steve Peacock signed the deal.
Mr. Sharma stated ONGC was looking at partnering BP in a few of the British firm’s overseas properties in Latin America and Russia.
“We also want them to bring their expertise in deepsea blocks we have in India,” he added.
ONGC has experienced a depressing record in discovering oil and gas reserves in the deep-sea. With just 8 out of the 40 wells drilled in its challenging multi-billion dollar deep-sea hunt, code-named ‘Sagar Samridhi’ - prosperity from sea, resulting in oil and gas inventions, ONGC is now sewing coalitions with international energy players in order to meliorate its opportunities.