ONGC to tie up with ConocoPhillips for shale gas in India

By Indo Asian News Service | Monday, November 26, 2012 | 8:08:08 PM IST (+05:30 GMT) Comment 0 Comment

New Delhi, Nov 26 (IANS) State−run oil and natural gas explorer ONGC will next month tie up with US energy firm ConocoPhillips for exploration of shale gas in India.

New Delhi, Nov 26 (IANS) State−run oil and natural gas explorer ONGC will next month tie up with US energy firm ConocoPhillips for exploration of shale gas in India.

"We have given them all data we have on shale gas acreage. Based on their analysis and experience, they will now bring their understanding," ONGC chairman Sudhir Vasudeva told media persons on the sidelines of the World Energy Policy Summit here.

"We will finalise a joint exploration plan once we get a fix of resources."

ONGC and ConocoPhillips have signed an MoU to explore and develop shale gas resources in India, North America and elsewhere.

In the first phase of exploration, ONGC plans to explore Damodar, Cambay, Krishna−Godavari and Cauvery basins.

ONGC has already drilled four exploratory wells in its Damodar Basin blocks, which have a potential of about 35 trillion cubic feet of shale gas.

The oil and gas producer has 33 deep water blocks on both coasts, of which 29 are in the east coast. The company also has a number of discoveries on the east coast in the Krishna Godavari and Mahanadi basins.

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