State-owned explorer Oil and Natural Gas Corporation Ltd (ONGC) is in talks with global majors like American oil and gas giant ExxonMobil and Norwegian energy multinational Equinor on technology sharing for revamping its exploration operations.
The Maharatna company held discussions with these entities during the ongoing India Energy Week over deepwater exploration technologies.
It also held parleys with the American oil services conglomerate Baker Hughes during the mega event.
ONGC Chairman A.K. Singh said, during a panel discussion, that "the world is now getting balanced, as deep-sea investments are becoming economical. A combination of factors is there".
The company plans to enhance its production of petroleum products during the next two fiscals, and is looking at newer technologies to push its exploration activities.
On its Energy Strategy 2040, Singh said: "Now, the investments needed are more as renewables have come in. So, there is an issue of structural inefficiencies which have crept in. The transition to renewables is a reality, however, oil and gas will remain in focus in the journey. It will happen eventually."
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