Panjim, Jan. 28 -- Oil and Natural Gas Corporation Limited (ONGC) and Reliance Industries Limited (Reliance) signed a path-breaking agreement during the ongoing India Energy Week 2026 to enable resource sharing for deepwater offshore exploration and production (E&P) operations on India's East Coast, particularly across the Krishna Godavari (KG) basin and Andaman offshore.

This marks a major step towards cost optimisation, faster execution, and improved asset utilisation in complex deepwater projects, according to a joint statement on Wednesday.

This agreement is aligned with a forward-looking initiative facilitated by the Oilfields (Regulation and Development) Amendment Act, 2025 (ORDA Act 2025), introduced by the Ministry of Petroleum ...