ONGC, Reliance investigate cooperation offshore eastern India
ONGC and Reliance Industries have signed a memorandum of understanding (MoU) that could lead to sharing of the latter’s east coast oil and gas-related infrastructure.
The MoU will also firm up commercial terms. Both parties intend to enter into a formal agreement after performing a joint study over the next nine months.
ONGC hopes the arrangement will hasten development and monetization of its deepwater fields adjacent to those operated by Reliance.
By mid-2017 the company plans to produce about 6 to 9 MMcm/d (212 to 318 MMcf/d) of gas from the G-4 and KG-DWN - D & E fields.