Oil and Natural Gas Corporation Limited, India and ConocoPhillips have signed a Memorandum of Understanding (MoU) for cooperation in exploration and development of shale resources in India, North America and elsewhere. In addition, both companies also aim to explore possible cooperation in deepwater areas in the Eastern Offshore region of India.
ConocoPhillips has extensive experience in the field of shale gas exploration and exploitation in the US and holds large acreage position, while ONGC's endeavor in shale gas is at a nascent stage. The cooperation between the two majors is expected to accelerate the learnings in shale gas for the mutual benefit of both the companies, they said.
The companies intend to initiate the cooperation in shale gas exploration through joint studies of opportunities in India, North America, and elsewhere.