In October last year, ExxonMobil first signed a MoU with India’s ONGC to offer its expertise for developing resources located in offshore blocks. Credit: wasi1370 from Pixabay.

US oil major ExxonMobil is reportedly in talks to acquire a stake in India’s producing oil and gas fields.

The latest move is seen as part of the country’s efforts to increase domestic output and cut imports, news agency PTI reported citing Indian Oil Minister Dharmendra Pradhan.

Go deeper with GlobalData

Data Insights

The gold standard of business intelligence.

Find out more

Related Company Profiles

View all

In October last year, ExxonMobil first signed a memorandum of understanding (MoU) with India’s state-owned crude oil and gas company Oil and Natural Gas Corporation (ONGC) to offer its expertise for the development of resources located in offshore blocks.

PTI quoted Pradhan as stating: “Till 2014, the total acreage given for exploration and production (of oil and gas) was about 90,000km². In two rounds of auction of small discovered fields (DSF) and five rounds of Open Acreage Licensing Policy (OALP), an additional 165,000km² of the area has been offered.

“Small companies have developed the Texas shale oil and gas sector. We are envisaging a similar scenario in India through progressive policy and involving a lot of small and mid-sized companies.”

However, large companies would be there, he added, stating that oil major BP is investing $5bn bringing the gas discoveries in KG basin block KG-D6 to production.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

The KG-D6 block lies in the Krishna-Godavari basin of the Bay of Bengal on the eastern coast of India. It is owned by Reliance Industries (66.67%) and BP (33.33%).

Without giving further details, Pradhan added: “Exxon Mobil is in active discussion with some of our companies to participate in some of our producing fields.”

Last month, ExxonMobil reportedly abandoned plans of the multibillion-dollar sale of its oil and gas assets in Australia’s Bass Strait.