Western Oil Companies To Bolster Presence In China’s Arch Rival | OilPrice.com

- Mar 21, 2023, 3:00 PM CDT

The MoU between TotalEnergies and ONGC is geared towards the initial exploration of deepwater blocks, especially in and around Mahanadi and Andaman off India’s east coast, according to the French company’s tweet. Towards this end, ONGC last year also signed afor deepwater exploration on India’s east and west coasts. This latter deal will focus on the exploration of the Krishna Godavari and Cauvery Basins in the eastern offshore area and the Kutch-Mumbai region in the western offshore.

India’s role as the US counterpoint to China in the Indo-Pacific region was further underlined by data released in the first quarter of 2021 by the IEA. This showed that India would make up the biggest share of energy demand growth - at 25 percent - over the next two decades, as it overtook the European Union as the world’s third-biggest energy consumer by 2030. India’s energy consumption was expected to nearly double as the nation’s GDP expanded to an estimated USD8.

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