Oil and Natural Gas Corporation Limited, India and ConocoPhillips, USA, two E&P majors have signed a Memorandum of Understanding (MoU) for cooperation in exploration and development of shale resources in India, North America and elsewhere besides deepwater opportunities in Eastern offshore India.

At a time when the world is witnessing nearly static reserve growth from conventional resources, the unprecedented growth of shale gas in the US has generated new hopes for all the energy deficient countries with shale resources emergence as a major supplement to conventional fuels.

ConocoPhillips has extensive experience in the field of shale gas exploration and exploitation in the US and holds large acreage position, while ONGC's endeavour in shale gas is at a nascent stage. The cooperation between the two majors is expected to accelerate the learnings in shale gas for the mutual benefit of both the companies. The companies intend to initiate the cooperation in shale gas exploration through joint studies of opportunities in India, North America, and elsewhere. In addition, both companies also aim to explore possible cooperation in Deepwater areas in Eastern Offshore of India.

The Memorandum of Understanding signed between ONGC and ConocoPhillips on 30th March 2012 in Mumbai will promote stronger technical and business cooperation. This cooperation heralds an exciting new chapter in ONGC's continuing saga of hydrocarbon exploration in India and abroad towards achieving energy security for sustaining India's booming economy.