The agreement signed in Mumbai came after months of talks between the pair.
The two initially plan to share technical expertise on shale gas exploration, but ONGC and ConocoPhillips could also jointly bid for shale gas assets overseas, ONGC chairman Sudhir Vasudeva told reporters on Friday, according to Reuters.
"India has a lot of potential in shale gas. We want to exploit that with the technical expertise of ConocoPhillips," Vasudeva said, adding the two companies will also explore opportunities in the US and other countries.
ONGC
