On target: Arrow and ONGC
ONGC takes aim with Arrow
India's Oil & Natural Gas Corporation (ONGC) has teamed up with Australian coalbed methane specialist Arrow Energy as India prepares to unveil new oil and gas and CBM exploration rounds.
A memorandum of understanding signed today between Arrow and ONGC will cover India's newly-emerging CBM play, as well as international projects.
In a statement, ONGC said: "The [memorandum] signed between the exploration director of ONGC, DK Pande and [Nick Davies] the chief exectuive of Arrow Energy [will target] joint participation in blocks in India and abroad for exploration, field development and production of CBM. It also involves knowledge sharing and technological exchange between the two companies."
India's potential CBM resources are estimated to be between 2.6 trillion to 3.3 trillion cubic metres of gas. New Delhi has already launched three CBM exploration rounds to tap the resource.
An industry source said: "ONGC has numerous CBM blocks. One in Jharia has been [idle for some time]. The company has just been delaying the developments there and the Director General of Hydrocarbons has been extremely unhappy with the developments."
ONGC has been carrying out CBM activities in the states of Jharkhand, West Bengal, Madhya Pradesh and Gujarat.