ONGC, Conoco May Tie Up For Oil, Gas Exploration

ONGC Ltd is expected to tie up with ConocoPhillips for joint exploration in 19 deepwater oil and gas blocks, besides undertaking shale gas exploration opportunities in India and abroad, a newspaper report said Sunday.

Under the proposed deal, ONGC has offered 19 of its deepwater oil and gas exploration blocks in the Krishna Godavari basin, along with other offshore basins including Cauvery, Mahanadi and the Andaman and Nicobar basins, to ConocoPhillips for evaluation and joint exploration, Hindustan Times said.

The two companies will also look at co-operation in onshore shale gas opportunities in India, North America and elsewhere in the world.