# India’s top explorer ONGC signs MoU with France’s TotalEnergies
Author:  Pal Sinha, Barnali 
Author URL: https://financedigest.com/author/pal-sinha-barnali
Published: 2023-03-06
Category: NEWS
Category URL: https://financedigest.com/category/news
Meta Title: India's ONGC Partners with TotalEnergies for
Meta Description: ONGC partners with TotalEnergies to reduce oil imports and greenhouse emissions, aiming to monetise resources and create synergies with local economies.
URL: https://financedigest.com/indias-top-explorer-ongc-signs-mou-with-frances-totalenergieshtml

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NEW DELHI (Reuters) – India’s top explorer Oil and Natural Gas Corp has signed a memorandum of understanding with French major TotalEnergies for exploration of deep-water blocks, the company tweeted on Monday.

India, the world’s third biggest oil importer and consumer, ships in over 85% of its oil from overseas. The country wants to quickly monetise its oil and gas resources to reduce its reliance on costly imports.

The MoU seeks to provide technical help for ONGC’s [push to explore and reduce green](https://www.financedigest.com/eu-recovers-appetite-for-trade-in-green-industry-push.html "EU recovers appetite for trade in green industry push") house emissions in development of deep-water blocks especially in Mahanadi and Andamans, off India’s east coast.

We will jointly evaluate Exploration and Development [opportunities to create](https://www.financedigest.com/global-cryogenic-submerged-motor-pumps-market-to-create-an-absolute-opportunity-of-us-714-4-million-by-2030.html "Global Cryogenic Submerged Motor Pumps Market to Create an Absolute $ Opportunity of US$ 714.4 Million by 2030") synergies with local economies,” said Sushma Rawat, ONGCs’ Director for Exploration.

ONGC last year [signed heads of agreement](https://www.financedigest.com/adnami-signs-agreements-with-schibsted-and-amedia-to-deliver-high-impact-ads-with-unparalleled-reach-across-the-nordics.html "Adnami signs agreements with Schibsted and Amedia to deliver high impact ads with unparalleled reach across the Nordics") with U.S. [oil giant ExxonMobil Copr for deep-water exploration](https://www.financedigest.com/oil-firms-must-step-up-exploration-off-norway-to-unlock-potential-npd.html "Oil firms must step up exploration off Norway to unlock potential -NPD") on the country’s east and west coasts.

The tie-up with Exxon focuses on the Krishna Godavari and Cauvery basins in the eastern offshore region and the Kutch-Mumbai region in the western offshore area.

Exxon is also keen to [buy a stake](https://www.financedigest.com/mfe-offers-to-buy-1-05-stake-in-mediaset-espana-from-vivendi-ahead-of-delisting.html "MFE offers to buy 1.05% stake in Mediaset Espana from Vivendi ahead of delisting") in some of the local deepwater blocks of ONGC, former oil secretary Tarun Kapoor said.

(Reporting by Nidhi Verma, editing by Ed Osmond)


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