ONGC Partners with Shell to Explore Deepwater Oil and Gas Opportunities

State-owned Oil and Natural Gas Corp (ONGC) has signed a non-binding memorandum of understanding with Shell Energy India Private Ltd to explore joint opportunities in deepwater oil and gas exploration and liquefied natural gas sourcing.

The agreement, which was signed on August 10, covers potential collaboration across India's energy sector, including joint participation in deepwater and ultra-deepwater offshore blocks offered under the government's Open Acreage Licensing Policy (OALP) Rounds X and XI.

ONGC has been seeking to bring international expertise into India's deepwater exploration programme, and this partnership brings together ONGC's position as India's largest oil and gas explorer with Shell's global expertise across upstream exploration and LNG.

The two companies will explore opportunities in LNG sourcing to support India's transition towards a stronger gas-based economy. They will also look at joint participation in future offshore licensing rounds and assess opportunities to bring additional partners into existing ONGC blocks through farm-in and farm-out arrangements.