ONGC Ltd and Reliance Industries have signed a landmark agreement to share deepwater resources on India’s east coast. The collaboration will cover offshore operations and potentially extend to onshore and offshore processing. This strategic partnership aims to optimize costs, boost efficiency, and strengthen India’s energy security.
In a major development for India’s energy sector, Oil and Natural Gas Corporation (ONGC) Ltd and Reliance Industries Ltd (RIL) have signed a landmark agreement to share deepwater resources along the country’s east coast. The collaboration is expected to enhance operational efficiency and reduce costs in one of the most challenging exploration zones.
Key highlights:
-
The agreement focuses on sharing critical infrastructure and resources required for offshore operations, including subsea facilities, pipelines, and processing units.
-
ONGC and Reliance will also explore opportunities for onshore and offshore processing, ensuring better utilization of existing assets.
-
The partnership is designed to accelerate production timelines, reduce duplication of investments, and strengthen India’s position in deepwater exploration.
-
Analysts note that such collaborations are rare in India’s upstream sector, making this pact a milestone in cooperative resource management.
-
The move aligns with India’s broader energy security goals, as deepwater reserves are crucial to meeting rising domestic demand.
Industry experts believe this agreement could serve as a template for future collaborations, fostering synergy between public and private players in India’s oil and gas sector.
Sources: Reuters, Economic Times, Business Standard