Goa, 28 January 2026: Oil and Natural Gas Corporation Limited (ONGC) and Reliance Industries Limited (Reliance) entered a mutually beneficial agreement on January 27, 2026, aimed at resource sharing for deepwater exploration and production (E&P) activities off India’s East Coast, particularly in the Krishna Godavari basin and Andaman offshore areas.
This collaboration aims to enhance cost optimization, expedite project execution, and improve asset utilization amid complex deepwater conditions.
The initiative is in line with the Oilfields (Regulation and Development) Amendment Act, 2025 (ORDA Act 2025), which fosters a framework allowing E&P operators to share both onshore and offshore infrastructure and facilities, promoting efficient oilfield development and hydrocarbon production.
Key resources to be shared under the agreement include processing facilities, drilling rigs, marine vessels, power, pipelines, and well services. The anticipated benefits from this partnership include:
- Cost optimization through the shared use of high-value rigs, vessels, and logistics.
- Enhanced resource utilization by reducing redundancy and idle capacities among operators.
- Accelerated mobilization and execution facilitated by improved access to limited deepwater services.
- Greater operational resilience and readiness through the shared emergency response and training capabilities.
This agreement underscores the Government of India’s commitment to energy security, focusing on domestic exploration and production facilitated by progressive regulatory measures and collaborative infrastructure utilization.
ONGC is recognized as India’s premier integrated energy company, pivotal for national energy security and responsible energy solutions.
Reliance Industries, a leading private sector entity, operates across various domains including hydrocarbon E&P, refining, marketing, renewables, and digital services, with strong financial metrics that place it prominently in global rankings.
