NEW DELHI (Commodity Online): India's Oil and Natural Gas Coorperation (ONGC) (BSE: ONGC : 500312, NSE: ONGC), seeking global tie-ups with global companies especially from US and Australia to boost its domestic deep-water explorations.
The exploration includes East Coast ultra-deepwater gas discovery of the company.
The company has invited 13 companies, mainly from US and Australia, for the exploration partnerships and expects to complete the process by the second quarter of the next fiscal.
According to the Officials, the company do not require technology for exploration but requires technology for bringing deep-water finds to production with cost-effectiveness.
Meanwhile, ONGC has been in speeches with ENI, the Italian exploration major, for tie-up in the development process of New Exploration and Licensing Policy block KG-DWN-98/2.
On the BSE, ONGC traded down 0.35% or Rs 0.90 to Rs 258.35 on 21st November at 10:50 IST.
