India’s state-run Oil & Natural Gas Corporation (ONGC) has joined hands with ConocoPhillips for exploration and development of 19 deepwater oil and gas blocks. The two companies would also be collaborating in shale-gas exploration.

ConocoPhillips is the third-largest integrated energy company in the US and the fifth-largest refiner in the world. This partnership, however, could result in ONGC offering equity stakes in some of its blocks in India to ConocoPhillips.