ONGC to Begin Assessing Conoco's US Shale Assets

Oil & Natural Gas Corp. will soon study investing in ConocoPhillips’ U.S. shale-gas assets and expects to strike a substantial deal, Bloomberg said quoting Chairman Sudhir Vasudeva.

The two companies inked a deal last week to develop shale resources in India and North America, and to explore for oil and gas in India’s offshore blocks.

Vasudeva said that ONGC’s aim is to get access to shale assets in the U.S. and last week’s deal is a platform that’ll allow the company to do so.

ONGC and ConocoPhillips will study data on each other’s fields as part of the agreement and reach specific accords in six months, Vasudea said.

India has increased focus on shale resources in the country and Prime Minister Manmohan Singh earlier this month said that mapping of the unconventional gas sources has already started and India should be able to auction shale blocks by end of next year.