ONGC Partners with Shell to Explore Deepwater Oil & Gas Opportunities

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), as well as future bidding rounds.

The memorandum does not commit either company to specific investments or projects and provides a framework for evaluating potential areas of cooperation. ONGC and Shell will explore opportunities in OALP Rounds X and XI, as well as potential farm-in and farm-out arrangements involving ONGC's existing OALP blocks.

The partnership brings together ONGC's position as India's largest oil and gas explorer with Shell's global expertise across upstream exploration and LNG, potentially creating opportunities for cooperation across both domestic exploration and gas supply. The collaboration will focus on two key areas of mutual business interest: upstream oil and gas, and LNG sourcing.