ONGC Denies Definitive Negotiations with ExxonMobil for Oil & Gas Blocks
ONGC clarifies it is not in definitive negotiations with ExxonMobil for oil and gas blocks. This follows a news report suggesting a potential partnership. The company's stock saw a rise of 2.46%, in line with other E&P companies, amid increasing Brent crude oil prices.
The announcement is a clarification of a market rumor and does not involve any new business development, financial results, or corporate actions that would significantly impact the company's operations or stock price.
The company clarified a market rumor, stating no definitive negotiations are underway. While the stock price saw a marginal increase, the lack of concrete partnership news prevents a positive sentiment.
Oil and Natural Gas Corporation Limited (ONGC) has issued a clarification regarding a news item published on https://www.livemint.com on January 28, 2026, which suggested ONGC was eyeing a partnership with ExxonMobil to jointly bid for oil and gas blocks.
In its response, ONGC stated that the company is presently not engaged in any definitive negotiations or arrangements with ExxonMobil. This clarification comes in the context of a general increase in Brent crude oil prices and the subsequent rise in the share prices of Indian Exploration & Production (E&P) companies, including ONGC, Oil India Limited, and Hind Oil Exploration.
ONGC's share price saw a 2.46% increase, while Oil India Limited rose by 4.93% and Hind Oil Exploration by 1.89% on the broadcast date, as reported by BSE India. The company also confirmed that it is not aware of any other unannounced information that could explain the trading movement and that there are no ongoing regulatory or legal proceedings to report.
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