Shell and ONGC proposes to form alliance for oil and gas exploration in India

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Shell and ONGC proposes to form alliance
State- owned, Oil and Natural Gas Corp (ONGC) and global major Royal Dutch Shell are likely form alliance for oil and gas exploration and production (E&P), oil refining and marketing of petroleum products in India.

"As Shell is entering late into India's E&P sector, they want to make up for the lost time by joining hands with ONGC in exploring oil and gas in India," ONGC, Chairman and Managing Director, Sudhir Vasudeva told media.

Besides, ONGC and Shell India were already in talks for the partnership and had several rounds of discussions to re-enter the oil and gas exploration sector and make fresh investments.

As Shell is entering the Indian Market after a long period of 16 years , partnership with ONGC is going to make up for the lost time, added the media report.

However, Shell has a presence in the fuel marketing side with 70-odd petrol pumps spread across the country whereas ONGC also has a fuel marketing license and approvals to set up more than 1,100 petrol pumps in the country.

Read more about: ongc
Story first published: Monday, April 22, 2013, 13:31 [IST]
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