ONGC Signs MoU with Chevron to Assess Exploration Potential in India

Source: 9/20/2022, Location: Asia

State-owned energy giant ONGC on 19 September 2022 signed a memorandum of understanding (MoU) with Chevron New Ventures PTE Limited, a subsidiary of California-based energy major Chevron Corporation, to assess exploration potential in India.

The agreement was signed by Chief E&D Dte Dr Ravi Misra on behalf of ONGC and Luca Rigo de Righi, General Manager, Global New Venture, on behalf of Chevron at the DUB office in Delhi in the presence of ONGC CMD RK Srivastava.

The strategic collaboration is a part of ONGC’s international outreach program of inviting global E&P companies for a suitable partnership to explore the frontier areas and geologically challenging and difficult plays in Cat-I, II and III of Indian sedimentary basins.

Mr Srivastava said on the occasion that Mr Luca and his delegation’s visit to ONGC has been very productive. “We look forward to deeper technical collaboration so that this agreement gives value to both parties in the Indian sedimentary basin as well as outside,” he added.

Meanwhile, the visiting dignitaries underscored that the data seen so far were interesting though challenges will be there. “Once we get a better technical understanding, we can agree on specific areas where ONGC-Chevron collaboration will give value to both. In addition, Chevron New Energies also understands the importance of addressing climate change and investing in CCUS (Carbon capture, utilization and storage) projects in order to achieve innovative solutions for a lower carbon future,” Mr Luca said further.

The discussion between the two global oil majors took place in relation to the G&G data viewing for assessing the prospectivity of a number of Indian sedimentary basins.

After the first round of discussion initiated with Chevron, a Confidentiality Agreement was executed between the companies.

At present, the in-depth G&G data viewing is in progress by the technical teams of Chevron physically across the work centers of ONGC, including Kolkata, Tripura, Dehradun and Chennai. This meaningful partnership with Chevron will be a step toward unlocking value in ONGC’s operated onshore and offshore blocks, studying open acreage areas and enabling us to get closer to meeting the country’s energy aspirations.

Besides Chevron, ONGC is also in talks with a number of such companies that have shown interest in India’s exploration sector.

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