IEW 2026: ONGC, Reliance sign pact for sharing deepwater offshore resources on East Coast

New Delhi/Goa: In a significant move aimed at enhancing efficiency in India’s offshore exploration and production (E&P) sector, state-owned Oil and Natural Gas Corporation Limited (ONGC) and Reliance Industries Limited (RIL) have signed a landmark agreement to enable sharing of deepwater resources on India’s East Coast.

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The agreement was signed on January 27, during India Energy Week 2026 being held in Goa. According to an official statement, this MoU will facilitate resource sharing for complex deepwater offshore E&P operations, particularly in the Krishna Godavari (KG) Basin and Andaman offshore areas. The collaboration is expected to drive cost optimisation, faster project execution and improved utilisation of critical assets in deepwater projects .

The pact is aligned with the enabling framework created under the Oilfields (Regulation and Development) Amendment Act, 2025, introduced by the Ministry of Petroleum and Natural Gas (MoPNG). The amendment allows E&P operators to share infrastructure and facilities; both onshore and offshore; to ensure more efficient development of oilfields and hydrocarbon production .

Under the agreement, ONGC and Reliance will explore sharing a wide range of key offshore resources, including onshore and offshore processing facilities, drilling rigs, marine vessels such as multi-support vessels (MSVs), tugs and platform supply vessels (PSVs), as well as power infrastructure, pipelines, logging and well services.

According to the companies, the structured framework for pooling assets is expected to deliver multiple benefits, including cost optimisation through shared use of high-value rigs and vessels, improved resource utilisation by reducing duplication and idle capacity, faster mobilisation due to improved access to limited deepwater services, and enhanced operational resilience and safety preparedness through shared emergency response and training capabilities.

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