ExxonMobil looking at India's oil and gas sector

Exxon eyes bigger footprint in India

CANCUN (MEXICO): The largest US oil company, ExxonMobil, is actively
looking at increasing its presence in India's oil and gas sector. The
company, which has stakes in 37 refineries and oil and gas assets in
38 countries, is keen to team up with state-owned ONGC for jointly
exploring oil and gas in India's hydrocarbon rich Krishna Godavari
basin on the east coast.

Speaking exclusively to the Hindustan Times ahead of the ministerial
session of the 12th International Energy Forum at Cancun, Rex
Tillerson, Chairman and CEO, ExxonMobil Rex W Tillerson said, "We are
already partners with ONGC in Russia and are looking at opportunities
for increasing our presence in India."

Asked if ExxonMobil was keen to enter India's refining sector,
Tillerson said, "I don't think there is much scope. We were looking at
refining business in India some years back but all your big companies
like Indian Oil and Reliance have already created huge refining
capacities."

ONGC chairman and man- aging director, RS Sharma and the managing
director of ONGC Videsh Ltd, RS Butola held business meetings with
ExxonMobil and confirmed to HT that Tillerson has indicated his keen
interest to work with ONGC in its KG basin east coast block.

Sharma said that besides ExxonMobil, even Total of France and Royal
Dutch Shell have shown interest in under- taking joint oil and gas
opportunities with ONGC, both with- in India and in other countries.
"Besides, east coast block, Exxon is also keen to explore other oil
and gas opportunities with ONGC in third countries. It is a win-win
for all and ExxonMobil has been following the same model with China
where it has entered into a similar tie up with China's nation- al oil
company," Butola told Hindustan Times.The entry of ExxonMobil will be
a big positive for India's ener gy sector and may draw other big
companies in the space to invest in the country's oil and gas sector.
(Anupama Airy / The Hindustan Times The author's travel, boarding and
lodging was provided by ONGC Videsh Ltd. )