Indian companies eye overseas partners for shale gas drilling
KOLKATA (miningweelky.com) - Indian oil and exploration (E&P) majors are looking at overseas technology tie-ups for shale gas drilling in response to policy guidelines announced by the government for allocating blocks to government-owned companies on a nomination basis.
ConocoPhillips and Carrizo Oil & Gas, both based in Houston, in the US, were in talks with Indian government-owned E&P companies to provide technical support for the country’s maiden foray into shale gas drilling.
The Petroleum and Natural Gas Ministry reported that the country’s largest E&P company, ONGC Limited, was in talks with ConocoPhillips, while Oil India Limited (OIL) was negotiating with Carrizo for technology tie-ups.
ONGC would be taking up exploratory work on ten wells across the Cambay and eastern Cauvery basins with commercial drilling scheduled to start in 2014, while OIL has identified the central Indian desert province of Rajasthan and the north-eastern province of Assam as the sites where it will commence with exploration work.
ONGC and OIL have an existing collaboration with ConocoPhillips and Carrizo respectively for collaborations in various oil and gas projects across the world.
In the case of ONGC, its Indian shale gas ventures would extend the collaboration agreement with ConocoPhillips signed in March to develop shale gas resources in India and North America. OIL, along with oil refiner and marketer Indian Oil Corporation Limited (IOC), has picked up a 30% equity stake in Carrizo’s Niobrara shale gas assets in Colarado, US.
According to the Indian government’s new shale gas policy, shale blocks would be allocated solely to government-owned companies in three phases on a nomination basis. In the first phase, ONGC would be allocated 50 blocks followed by 75 and 50 blocks in the next two phases. OIL would be allocated five blocks in each of the three phases.
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