Exxon Mobil mulls acquiring stake in Indian oil, gas fields: Pradhan

New Delhi

Exxon Mobil had in October last year signed a MoU with ONGC to offer its expertise and technology for developing resources in offshore blocks.

At a webinar series on ‘The Road To Atmanirbhar Bharat,’ he said India is looking to replicate the Texas model of raising domestic oil and gas production by involving small and mid-sized firms in exploration and production.

“Till 2014, the total acreage given for exploration and production (of oil and gas) was about 90,000 sq km. In two rounds of auction of small discovered fields and five rounds of Open Acreage Licencing Policy, an additional 1.65 lakh sq km of the area has been offered,” he said. The US shale oil and gas revolution was not brought about by big firms. “Small companies have developed the Texas shale oil and gas sector. We are envisaging a similar scenario in India through progressive policy and involving a lot of small and mid-sized companies,” he said. But large companies would obviously be there, he said adding UK supermajor BP is investing $5 bn bringing to production the next wave of gas discoveries in KG basin block KG-D6. Shell and Total too are present in India.

“Exxon Mobil is in active discussion with some of our companies to participate in some of our producing fields,” he said without giving details.