By Raveena Kumari 
Oil and Natural Gas Corporation (ONGC) and Reliance Industries have signed a strategic Memorandum of Understanding (MoU) at the India Energy Week 2026, held on January 28, to enable the sharing of deepwater resources along India’s east coast. The agreement is aimed at improving efficiencies, optimizing assets, and strengthening India’s offshore exploration and production ecosystem.
According to O.P. Sinha, Director (Exploration) at ONGC, the MoU is not limited to the Krishna Godavari (KG) basin but could potentially extend to other offshore exploration areas, including the Andaman offshore. This strategic collaboration marks a significant step toward maximizing resource utilization in India’s offshore oil and gas sector.
The joint statement issued by ONGC and Reliance Industries emphasized that the agreement covers sharing of critical resources essential for offshore operations. This includes access to drilling rigs, marine vessels, pipelines, logging and well services, power, and processing facilities for both onshore and offshore operations. By pooling these resources, both entities aim to enhance operational efficiency, reduce redundancy, and accelerate development timelines for India’s deepwater oil and gas fields.
The partnership is expected to benefit India’s energy sector by fostering technology sharing, cost optimization, and accelerated project execution. Analysts highlight that such collaborations between state-owned and private sector energy players are key to strengthening India’s position in the global energy market while ensuring sustainable exploration practices.
The MoU was signed on the sidelines of the first day of India Energy Week 2026, a platform for dialogue, innovation, and strategic partnerships in the energy sector. Stakeholders from across the industry, including policymakers, energy companies, and investors, have welcomed the collaboration as a step toward efficient and sustainable resource management.
As India continues to expand its offshore exploration and production capacity, strategic partnerships like this are critical in unlocking the potential of deepwater resources, improving energy security, and ensuring long-term growth for the country’s oil and gas sector.
Shalu Shalu