ExxonMobil and ONGC to extend partnership to Andaman offshore

Private refiners such as Reliance and Nayara Energy command over a third of India's total crude oil refining capacity

India is doubling up efforts to bring in private participation across the value chain of the oil and gas sector. According to a top oil ministry official, global oil and gas major ExxonMobil is in talks with public sector undertaking (PSU) Oil and Natural Gas Corporation (ONGC) for a large domestic oil and gas exploration project.

In another significant development, the Ministry of Petroleum and Natural Gas is said to be facilitating talks between private sector oil refining companies and PSUs to bring down the costs of crude oil purchases.

These talks were taken forward during meetings between ExxonMobil’s executives