ExxonMobil, ONGC ink agreement for deep water exploration

State-run Oil and Natural Gas Corporation (ONGC) has signed an initial pact with global petroleum giant ExxonMobil for deep-water exploration in India’s east and west coasts. “The collaboration areas focus on the Krishna Godavari and Cauvery basins in the eastern offshore and the Kutch-Mumbai region in the western offshore. There has been a scientific exchange of exploration […]

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India allows domestically produced crude to be sold freely to refineries; ONGC, Vedanta to benefit

India finally deregulated sale of domestically produced crude oil. The government allowed firms like ONGC and Vedanta to sell locally produced crude oil to any Indian refinery for turning it into fuel, such as petrol and diesel.  While contracts for oilfields awarded since 1999 gave producers the freedom to sell oil, the government fixed buyers […]

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