Enhancing Domestic Energy Production: Energy Giant Exxon Mobil In Talks To Buy Stake In Indian Oil And Gas Fields

Energy giant Exxon Mobil is currently in talks with Indian companies to buy a stake in Indian oil and gas fields, Petroleum Minister Dharmendra Pradhan said on Wednesday (2 December).

Pradhan was speaking at the The Road To Atmanirbhar Bharat series organised by Swarajya.

"Exxon Mobil is in active discussion with some of our companies to participate in some of our producing fields", Pradhan said while highlighting steps taken to cut down on import dependency in the energy sector.

Exxon Mobil is thus expected to bring its expertise in exploration and development of oil and natural gas resources in India.

The minister went on to say that, "Till 2014, the total acreage given for exploration and production (of oil and gas) was about 90,000 square kilometers. In two rounds of auction of small discovered fields (DSF) and five rounds of Open Acreage Licensing Policy (OALP), an additional 1.65 lakh sq km of the area has been offered".

"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 added.

It should be noted that Exxon Mobil had signed an MoU with ONGC in October 2019 to offer its expertise and technology for exploration and developing resources in offshore blocks.

Exxon Mobil had also signed a MoU with Indian Oil to devise ways to supply liquefied natural gas across India to meet rising demand.