Global oil giants ExxonMobil, BP, and Shell are in discussions with Oil and Natural Gas Corp (ONGC). They are exploring a partnership for ONGC’s $5-billion deep-sea project in the KG basin. ONGC seeks expertise to boost production in the underperforming KG-DWN-98/2 block. Exxon is seen as a strong contender. A new partnership structure is likely needed for risk-sharing and safeguards.