By Prateek Pyne
ExxonMobil Corp and Oil and Natural Gas Corp have signed a Heads of Agreement (HoA) for deepwater exploration along India's East and West coasts.
According to an ONGC release, both oil explorers would focus on the Krishna Godavari and Cauvery basins in the eastern offshore and the Kutch-Mumbai region in the western offshore. With this route, ONGC hopes to move from discovery to development, benefiting from ExxonMobil's inherent strengths for fast-track monetization.
In terms of oil imports and consumption, India is the world's third-largest oil importer and consumer. Over 85% of its oil needs are imported from overseas. There is a dire need to quickly monetize the existing oil and gas resources to reduce our reliance on costly imports.