NEW DELHI: Oil and Natural Gas Corporation Limited (ONGC) and Reliance Industries Limited (Reliance) on Wednesday signed an agreement to share resources for deepwater offshore exploration and production (E&P) operations on India’s East Coast, particularly in the Krishna Godavari (KG) Basin and the Andaman offshore areas.
According to a press note, ONGC and Reliance will pursue the sharing of key resources required for offshore operations, which may include onshore and offshore processing facilities.
“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 company said in the press note.
Under the agreement, the companies will share facilities, drilling rigs, marine vessels (MSVs, tugs and PSVs), power infrastructure, pipelines, logging and well services, among others. The companies said the agreement is expected to deliver measurable benefits through a structured framework for pooling critical assets and capabilities. These benefits include cost optimization through the shared use of high-value rigs, vessels, logistics and specialised subsea equipment.
The arrangement will also improve resource utilization by reducing duplication and idle capacity across operators. According to the statement, it will enable faster mobilization and execution by improving access to limited deepwater services. It will further strengthen operational resilience and safety preparedness through shared emergency response and training capabilities.
The agreement is aligned with the Oilfields (Regulation and Development) Amendment Act, 2025 (ORDA Act 2025), introduced by the Ministry of Petroleum and Natural Gas (MoPNG). The Act provides a clear enabling framework for E&P operators to share infrastructure and facilities, both onshore and offshore, for more efficient development of oilfields and production of hydrocarbons.