ExxonMobil Corp. and Oil & Natural Gas Corp. (ONGC) have signed a memorandum of understanding (MOU) addressing exploration and development in India.
According to ONGC, “The agreement will enable the two petroleum companies to undertake joint technical studies and cooperate in frontier areas like deep water and other petroleum exploration license blocks of ONGC in India and in open-acreage bidding.”
The MOU will have three phases, which will lead to a joint technical study for potential collaborations.
