ONGC looking to international partner for exploration

ONGC looking to international partner for exploration

The state-run ONGC is considering a possible tie up with international players in the field of domestic deep-water hydrocarbons exploration.

A total of 19 oil and gas acreages are available that includes its East Coast ultra-deepwater gas discovery and will be offered through domestic licensing rounds. ONGC has asked 13 firms, which are mainly from the US and Australia proposing a possible partnership.

The public sector exploration company has not announced has not announced the names of the companies but only said that the companies are independent mid-sized companies with experience in working in South East Asian region.

The company has set up a data October 17 allowing companies to access the acreage. It is expecting to complete the process by the second quarter of the next fiscal. The corporation had earlier tried to invite foreign players for equity participation but did not receive a positive response.

A company official said that the corporation does not need technology for exploration but needs its new partner to bring technology for bringing deep-water finds to production with cost-effectiveness. ONGC is expecting the partner to bring the new technology to the new country.

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