ONGC wants ExxonMobil on board for India's big oil hunt
ONGC is looking to team up with ExxonMobil for India's 10th round of oil and gas block auctions (OALP-X).
ONGC said at India Energy Week in Goa that it was in talks with ExxonMobil about possible joint bidding, signaling ONGC's push to bring more international expertise into the country's energy game.
What's new?
ONGC and Reliance Industries just signed a deal to share resources—think drilling rigs, ships, pipelines—for deepwater exploration in the Krishna-Godavari and Andaman basins.
By joining forces, they hope to cut costs and speed up projects by improving access to limited deepwater services, such as rigs, vessels and specialized subsea equipment.
Why does it matter?
This isn't ONGC's first rodeo with partnerships: their earlier joint venture with Reliance and BP scored a win in the Saurashtra block.
Now they're doubling down for the 10th round under the Open Acreage Licensing Policy (OALP).
Plus, ONGC is ramping up investment—expecting exploration capital expenditure of around ₹10,000 crore for the current financial year—and searching for top technical partners.
It all fits into India's bigger plan to attract foreign investment and boost energy security.