Oil and Natural Gas Corporation Ltd, Royal Dutch Shell Plc May Enter Into A JV To Bid For Overseas Assets-The Economic Times
The Economic Times reported that Oil and Natural Gas Corporation Ltd and Royal Dutch Shell Plc are exploring the possibility of a strategic tie-up to jointly bid for global oil and gas assets, following up on their discussions for a partnership in India's upstream and downstream sectors, company sources said. ONGC has been actively looking for partnerships with international firms. Since last year, it has signed memoranda of understanding with ConocoPhillips — for cooperation in shale gas and deepwater exploration in eastern India — and with Inpex Corp, Japan's oil company, for strategic partnership in exploration of hydrocarbons in the KG Basin. Last month, both Shell and ONGC had said they are keen to come together to explore both upstream and downstream opportunities domestically. This has not been finalised.
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