ONGC & Reliance Sign Agreement to Share Deepwater Resources on East Coast
ONGC and Reliance signed an agreement on 27 January 2026 to share deepwater offshore resources on India’s East Coast, aiming to optimize costs and improve asset utilization. This aligns with the Oilfields (Regulation and Development) Amendment Act, 2025. RIL reported revenue of ₹10,71,174 crore and net profit of ₹81,309 crore for the year ended March 31, 2025.
The collaboration between two major players in the energy sector is likely to have a notable impact on the efficiency and development of deepwater resources.
The announcement highlights a strategic partnership aimed at cost optimization and resource sharing, which is generally viewed positively.
Oil and Natural Gas Corporation Limited (ONGC) and Reliance Industries Limited (Reliance) signed an agreement on 27 January 2026 to enable resource sharing for deepwater offshore E&P operations on India’s East Coast, particularly across the Krishna Godavari (KG) basin and Andaman offshore. This collaboration aims to optimize costs, expedite project execution, and enhance asset utilization in complex deepwater projects. This agreement aligns with the Oilfields (Regulation and Development) Amendment Act, 2025 (ORDA Act 2025), facilitated by the Ministry of Petroleum and Natural Gas (MoPNG), promoting infrastructure and facilities sharing for efficient oilfield development and hydrocarbon production. Under this initiative, ONGC and Reliance will share key resources for offshore operations, including onshore and offshore processing facilities, drilling rigs, marine vessels, power, and pipelines. The collaboration is expected to optimize costs, improve resource utilization, and enhance operational resilience. Reliance Industries Limited (RIL) reported a consolidated revenue of ₹10,71,174 crore (US$ 125.3 billion), cash profit of ₹1,46,917 crore (US$ 17.2 billion) and net profit of ₹81,309 crore (US$ 9.5 billion) for the year ended March 31, 2025.
What to do with a filing like this
Oil & Natural Gas Corporation Limited filed this with the NSE as a statutory disclosure, categorised under strategic partnerships. It is a primary document, not a recommendation, and the desk marks it medium impact: worth reading, rarely worth acting on by itself.
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See the model portfoliosA plain-language summary of a public exchange filing by Oil & Natural Gas Corporation Limited. Read the original for the full detail.