According to reports, the the ONGC overseas investment company in March Weide Xi Limited and ConocoPhillips signed an agreement, said it would joint exploration and development in India, North America, and the deep waters of the east coast of India shale gas storage.

Indian oil has allocated 70 billion rupees (about 80 billion yuan) for the acquisition of the items, the company said they have to negotiate through the purchase of Chesapeake Energy Corporation (Chesapeake Energy Corp) Mississippi Limestone and France May independent oil companies to achieve control of the shares of ConocoPhillips oil sands assets.
 
Reported that India's state-owned oil and gas company is looking for overseas opportunities to reduce its highly regulated industry, and hope that through the acquisition of overseas oil production assets to ensure that Asia's third largest economy in the energy supply. In addition, new forms of energy, such as oil sands and shale gas is good for Indian companies portfolio diversification, and help them focus on mature assets.




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