Indian Oil Minister, Dharmendra Pradhan, stated that ExxonMobil is on talks to buy a stake in oil and gas fields in India, according to Economic times.
The Minister added that India is looking to simulate Texas model of raising domestic oil and gas production by involving small and mid-sized exploration and production companies noting that large companies would be there.
Pradhan elaborated that companies of Shell and Total are present in India in addition to BP which is investing $5 billion in the production of next wave of gas discoveries in KG basin block KG-D6.
He pointed to the memorandum of understanding (MoU) which was signed in October 2019 between Exxon and the state-owned Oil and Natural Gas Corporation (ONGC) to offer its expertise and technology for developing resources in offshore blocks.
The Minister made his remarks during his speech in the webinar serious entitled “The Road To Atmanirbhar Bharat’ which was organized by Swarajya Magazine.