ONGC and Shell Energy India sign MoU to pursue deepwater blocks and LNG deals
India's Oil and Natural Gas Corp and Shell Energy India have entered a non-binding memorandum to jointly explore deepwater and ultra-deepwater offshore blocks and look for LNG sourcing opportunities.
On August 10, Oil and Natural Gas Corp (ONGC) and Shell Energy India Private Ltd signed a non-binding memorandum of understanding to explore joint opportunities in deepwater and ultra-deepwater oil and gas fields. The MoU sets out a framework for collaboration under India's Open Acreage Licensing Policy, targeting the ongoing OALP Rounds X and XI as well as future bidding rounds, and includes potential farm-in/farm-out deals on ONGC's current blocks.
Both parties will also assess LNG sourcing options to support India's transition toward a more gas-centric energy mix. The partnership leverages ONGC's status as the country's largest explorer and Shell's international upstream and LNG capabilities. It reflects India's broader strategy to attract technical expertise and investment for offshore resources while strengthening long-term energy security. No binding commitments to specific investments were made in the agreement.
Why it matters
The MoU could bring foreign expertise and capital to India's offshore oil and gas sector and help expand its LNG supply.
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