Exxon to support ONGC develop offshore acreage

New Delhi: Global energy giant ExxonMobil will help state-owned ONGC develop oil and gas resources off east and west coasts, particularly in deep sea.

ONGC signed a memorandum of understanding (MoU) with the US giant, the company said in a statement.

"This MoU will enable the two petroleum companies to undertake joint technical studies and cooperate in frontier areas like deep water and other petroleum exploration licence (PEL) blocks of ONGC in east and west coast and open acreage for joint bidding," it said.

The MoU was signed on the side-lines of IHS-CERAWeek here by ONGC Director (Exploration) R K Srivastava and ExxonMobil CEO, South Asia, William P Davis in the presence of ONGC Chairman Shashi Shanker.