State-owned oil and gas company (ONGC) said on Wednesday it had signed a deal with global oil giant ExxonMobil to conduct deepwater exploration of India’s east and west coasts.

The areas of cooperation are mainly concentrated in the Krishna Godavari and Cauvery basins offshore in the east and the Kutch-Mumbai area offshore in the west. The scientific exchange of exploration data over the past few years has led to this partnership.

The collaboration between ONGC and ExxonMobil will be a strategic fit where ONGC’s knowledge and experience in these areas will be combined with ExxonMobil’s global insight.

At the event, Oil Minister Pankaj Jain said: “Partnerships between national oil companies such as ONGC and international oil companies such as ExxonMobil will deliver tangible benefits across the energy value chain and provide an exploration and production model that Open up new prospects.

This partnership will enhance our confidence in advancing deepwater exploration on India’s east coast, where the potential is enormous.”

ExxonMobil India’s CEO and lead country manager, Dr Monte K Dobson, said that 25% of ExxonMobil’s brainpower is currently assessing deep waters in India. ExxonMobil is preparing to take this collaboration to the next level.