NEW DELHI, Oct 22 (Reuters) - Global oil major ExxonMobil
Corp is looking at buying a stake in some of the local
deep water fields of Indian explorer Oil and Natural Gas Corp
, oil secretary Tarun Kapoor said on Friday.
India, the world's third biggest oil importer and consumer,
ships in about 85% of its oil needs from overseas and has been
scouting for partnerships with global oil majors to quickly
monetise its reserves.
"They (Exxon) are in talks to invest in deep see exploration
around Andamans (on India's east coast). They are
evaluating data," Kapoor told Reuters.
Subhash Kumar, chairman of ONGC, earlier on Friday said his
company was looking for strategic partnerships to develop its
difficult deep water oil and gas fields.
Kapoor said Exxon would either take a stake in the Indian
fields or form a joint venture with ONGC to operate them.
"We want to get the experts of the world and those who have
experience in deep sea, because 53% of India's basin area is
offshore and that's where we feel there will be a huge
potential," he said.
"So (we seek) partnerships to do deep sea exploration and
Oil Minister Hardeep Singh Puri and Kapoor had a meeting
with officials from Exxon and Total on the sidelines
of CERAWeek's Indian Energy Forum.
"I think the point which comes through all these meetings,
whether it is Exxon, or it is Total or anyone else, is that they
saw the positive vibes and political commitment on this," Puri
Kapoor said India was also interested in buying liquefied
natural gas (LNG) under long-term contracts with Total.
"We are looking for long-term LNG deals with less (pricing)
volatility. This will give comfort to us and to them as well as
they will be assured of a dedicated market going forward," he
To hedge against market volatility, he said India had given
several pricing options to Total.
Earlier in the day, the chief executive of Petronet LNG,
India's top gas importer, said surging LNG prices were pushing
buyers to look at securing long-term contracts https://www.reuters.com/business/energy/indias-top-gas-importer-sees-lng-price-surge-spurring-long-term-contracts-2021-10-22,
possibly with an option for floor and ceiling prices.
(Reporting by Nidhi Verma
Editing by Mark Potter)