‘Exxon Mobil eyes oil fields in India

Energy supermajor Exxon Mobil Corp. is in talks to buy a stake in producing oil and gas fields in India, oil minister Dharmendra Pradhan said on Wednesday showcasing efforts to raise domestic output to cut imports.

Exxon Mobil had in October last year signed a memorandum of understanding ( MoU) with state-owned Oil and Natural Gas Corp. Ltd ( ONGC) to offer its expertise and technology for developing resources in offshore blocks. Pradhan said India is looking to replicate the Texas model of raising domestic oil and gas production by involving small and midsized companies in exploration and production.

“Till 2014, the total acreage given for exploration and production was about 90,000 sq. km. In two rounds of auction of small discovered fields (DSF) and five rounds of Open Acreage Licensing Policy (OALP), an additional 1.65 lakh sq. km of the area has been offered,” he said.

The October 2019 MoU provided for ONGC and ExxonMobil jointly bidding for exploration assets in India.