ONGC, Reliance Sign Pact to Share Deepwater Assets on India’s East Coast

Oil and Natural Gas Corporation Limited (ONGC) informed the exchanges that it has signed a strategic agreement with Reliance Industries Limited to collaborate on deepwater offshore exploration and production (E&P) activities along India’s East Coast.

The agreement was signed on Tuesday in Goa and focuses on sharing technical expertise and operational resources for complex deepwater projects.

According to a joint statement released on Reliance, the pact operates under a Ministry of Petroleum and Natural Gas (MoPNG) initiative. The statement noted that this framework enables E&P operators to share infrastructure and facilities, covering both onshore and offshore assets, to facilitate efficient hydrocarbon production and oilfield development.

Under the MoPNG framework, ONGC and Reliance stated they would pursue the sharing of critical resources required for offshore operations. The agreement outlines specific assets including onshore and offshore processing facilities, drilling rigs, and marine vessels such as multipurpose support vessels (MSV), tugs, and platform supply vessels (PSV). Additionally, the pact covers power, pipelines, logging, and well services.

The companies stated the agreement aims to deliver measurable benefits through a structured framework for pooling capabilities. According to the release, objectives include cost optimisation achieved through the shared use of high-value rigs, specialised subsea equipment, logistics, and vessels.