According to a statement released by the firm, ExxonMobil and the state-owned Oil and Natural Gas Corporation (ONGC) have inked a contract for deepwater exploration off the east and west coasts of India.
The Krishna Godavari and Cauvery Basins in the eastern offshore and the Kutch-Mumbai region in the western offshore are the main areas of partnership. This relationship resulted from a recent scientific exchange of exploratory data, according to the statement.
“This collaboration between ONGC and global petroleum giant ExxonMobil will boost our confidence in going further ahead in deepwater exploration in the east coast of India where the potential is quite significant,” Petroleum Secretary Pankaj Jain said.
According to Rajesh Kumar Srivastava, director of ONGC’s exploration division, the company plans to advance to the point where ExxonMobil’s natural strengths will be advantageous for effective fast-track monetization and allow ONGC to ensure steps toward energy security for India.
Around 1 PM, the NSE share price of ONGC fell more than 3%, trading below Rs 135 per share.
With a target price of Rs 185 per share and a Buy rating, ICICI Securities anticipates a gain of more than 33% in the stock price from its current price.