US oil and gas giant ExxonMobil is poised to forge a green energy joint venture in India, according to reports there.
The fossil group is in talks to form the JV with Indian state-owned gas group GAIL, said financial news source LiveMint.
“The discussions are on. We are likely to make an announcement in a fortnight or so,” said GAIL chairman BC Tripathi, according to LiveMint.
A second, unnamed source was quoted as saying ExxonMobil would invest in the JV to boost its presence in the clean energy sector.
No further details were given over what particular area of clean energy the JV would target. However, GAIL is certainly interested in its own wind power ambitions, as demonstrated by its bid for almost 900MW of operating turbine capacity put up for sale by India’s IL&FS.
GAIL made the highest bid for those assets, but lost out when their existing minority owner, Japanese finance group Orix, exercised an option to take full control itself.
If it does enter the Indian clean energy market, ExxonMobil would join a growing list of global oil and gas majors deepening their exposure to the energy transition.
Shell, Equinor and Total are among the pacesetters globally, while BP is active in the Indian market via its Lightsource BP solar joint venture.
As Recharge recently revealed, Chinese oil and gas groups are also marking their mark in the offshore wind sector.
GAIL has not so far responded to request from Recharge to comment on the LiveMint report.