Now Reading: ONGC, Shell Energy India sign MoU for deepwater blocks, LNG
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ONGC, Shell Energy India sign MoU for deepwater blocks, LNG
State-run ONGC and Shell Energy India have signed a non-binding MoU to explore joint opportunities in deepwater and ultra-deepwater oil and gas exploration, as well as LNG sourcing. The agreement, signed on…
The Story in Brief
State-run ONGC and Shell Energy India have signed a non-binding MoU to explore joint opportunities in deepwater and ultra-deepwater oil and gas exploration, as well as LNG sourcing. The agreement, signed on August 10, provides a framework to assess potential cooperation under the government’s Open Acreage Licensing Policy, including ongoing OALP Rounds X and XI and future bids under the Samudra Manthan initiative. The companies will also examine farm-in and farm-out arrangements on ONGC’s existing blocks. No specific investment or project is committed. The collaboration aims to bring Shell’s global expertise into India’s offshore exploration and support the country’s push for a gas-based economy.
The Indian Opinion
Another non-binding MoU between a state-run giant and a global major makes headlines, but the real work begins only if it leads to actual bids and investments. India’s deepwater blocks have seen plenty of fanfare but limited success. The test will be whether ONGC and Shell together win and develop a specific block, not just sign papers. Until then, this is a handshake, not a drill bit. How many of these MoUs will turn into actual projects in the next two years?
Sources (2): timesofindia.indiatimes.com, economictimes.indiatimes.com
This story was synthesised by AI from the 2 sources linked above.
Updated: this story now draws on 2 sources.
