ONGC in partnership with ConocoPhillips

India’s one of the leading oil company Oil & Natural Gas Corporation (ONGC) has joined hands with US based ConocoPhillips for exploration and expansion of 19 new deepwater oil & gas blocks. They are planning to explore shale-gas as well. This is going to be a one of the best deal for ONGC to make its company progress steadily.

ConocoPhillips is 3rd largest integrated energy company in US and 5th largest refiner in the world. This partnership between ONGC and ConocoPhillips could result in ONGC offering equity stakes in some of its blocks in India to them. ONGC have been looking for a partner for deep-water technology, shale-gas exploration and development for the past few months, ConocoPhillips agreed for the same.

ONGC chairman and managing director Sudhir Vasudeva, however, said there was no financial transaction between the two companies. “The memorandum of understanding is about getting into technical evaluation of 19 deepwater blocks and also shale gas,” he said. The 1st phase involves assessment of data across Damodar, Cauvery and Krishna-Godavari basins.

Stock name: Oil And Natural Gas Corporation Ltd.

BSE Script code : 500312

Last Traded Price: 267.30

ONGC share was up by 2.45 % at the end of day March30th 2012


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