ONGC, Shell Sign Pact for Deepwater Exploration

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 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 will also explore opportunities to bring additional partners into existing blocks through farm-in and farm-out arrangements.

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.