Reliance Industries Ltd (RIL) and Oil and Natural Gas Corporation (ONGC) shares rose up to 8% on Wednesday’s session (January 28), following the announcement that they entered into an agreement for resource sharing related to deepwater offshore exploration and production (E&P) activities along India’s eastern coastline.
ONGC share price today was trading over 8% on BSE, while RIL share price today rose over 1%.
As per the filing, this arrangement will be especially focused on the Krishna Godavari basin and the Andaman offshore region. ONGC stated that this represents a significant advancement toward cost optimization, expedited execution, and enhanced asset utilization in complex deepwater initiatives.
ONGC stated that the agreement is in line with the initiative promoted by the Oilfields Amendment Act, 2025, introduced by the petroleum ministry, which establishes a clear framework for exploration and production operators to share infrastructure and facilities, both onshore and offshore, facilitating the development of oilfields and the production of hydrocarbons.
As part of this initiative from the ministry, ONGC and Reliance will work together to share essential resources needed for offshore operations, which may include onshore and offshore processing, facilities, drilling rigs, marine vessels, power sources, pipelines, logging, and well services, as indicated by the company.
ONGC stated that the agreement is anticipated to yield quantifiable advantages through a systematic framework for the collective use of essential assets and capabilities, including:
