State-owned ONGC (Oil and Natural Gas Corporation) on 5 April 2012 signed a memorandum of Understanding (MoU) with the US oil major ConocoPhillips to conduct a joint study of shale gas potential in all domestic basins, as well as some global ones owned by ConocoPhillips. The MoU will increase the cooperation between two companies in the areas of gas exploration in India, USA and elsewhere in the world.
ConocoPhillips is a major player in shale gas as well as deep-water exploration. The production at ONGC Videsh Ltd. is decreasing because of political situation in Syria and Sudan.
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