Business News | ONGC, Reliance Sign Agreement to Share Deepwater Resources on India's East Coast

Panjim (Goa) [India], January 28 (ANI): Oil and Natural Gas Corporation Limited (ONGC) and Reliance Industries Limited (Reliance) signed a path-breaking agreement during the ongoing India Energy Week 2026 to enable resource sharing for deepwater offshore exploration and production (E&P) operations on India's East Coast, particularly across the Krishna Godavari (KG) basin and Andaman offshore.

This marks a major step towards cost optimisation, faster execution, and improved asset utilisation in complex deepwater projects, according to a joint statement on Wednesday.

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This agreement is aligned with a forward-looking initiative facilitated by the Oilfields (Regulation and Development) Amendment Act, 2025 (ORDA Act 2025), introduced by the Ministry of Petroleum and Natural Gas (MoPNG), which creates a clear enabling framework for E&P operators to share infrastructure and facilities, both onland and offshore, for more efficient development of oilfields and production of hydrocarbons.

Under MoPNG's enabling initiative, ONGC and Reliance will pursue sharing of key resources required for offshore operations, which may include (but is not limited to): onshore and offshore processing facilities, drilling rigs, marine vessels (MSV, Tugs, PSV), Power, Pipelines, logging and well services, etc.

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The agreement is expected to deliver measurable benefits through a structured framework for pooling critical assets and capabilities, including cost optimisation through shared use of high-value rigs, vessels, logistics and specialised subsea equipment.

It is expected to improve resource utilisation by reducing duplication and idle capacity across operators; faster mobilisation and execution by improving access to the limited deepwater services available; and stronger operational resilience and safety readiness through shared emergency response and training capabilities.

"The agreement reflects the Government of India's emphasis on energy security through scaled domestic exploration and production, enabled by progressive regulation, streamlined infrastructure utilization, and industry collaboration," the joint statement said. (ANI)

(The above story is verified and authored by ANI staff, ANI is South Asia's leading multimedia news agency with over 100 bureaus in India, South Asia and across the globe. ANI brings the latest news on Politics and Current Affairs in India & around the World, Sports, Health, Fitness, Entertainment, & News. The views appearing in the above post do not reflect the opinions of LatestLY)