State-run Oil & Natural Gas Corporation and ConocoPhillips ( COP) will sign an initial pact later Friday for cooperation in exploration and development of shale gas and deepwater oil and gas blocks, two ONGC executives said.
One of the executives, who didn't wish to be named, said that the partnership could result in ONGC offering equity stakes to the US company in some of its blocks in India.
'It will be a broad memorandum of understanding, without any financial commitment at this stage. We want their technology for deepwater and shale gas exploration and development.'
The memorandum of understanding ( MoU) will be signed in Mumbai today.
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One of the executives, who didn't wish to be named, said that the partnership could result in ONGC offering equity stakes to the US company in some of its blocks in India.
'It will be a broad memorandum of understanding, without any financial commitment at this stage. We want their technology for deepwater and shale gas exploration and development.'
The memorandum of understanding ( MoU) will be signed in Mumbai today.
....more info