Mumbai, Jan. 28 -- State-owned Oil & Natural Gas Corporation Ltd (ONGC) and Reliance Industries Ltd (RIL) have signed a deal to share offshore resources such as oil exploration rigs and offshore supply vessels used in locating as well as producing petroleum and gas, according to an official statement issued here today.
According to the statement, ONGC Director (Production) Pankaj Kumar said that "The two companies signed the agreement to enable resource sharing for deep water offshore exploration and production operations on India's East Coast, particularly across the Krishna Godavari (KG) basin as well as Andaman offshore.""The deal marks a major step towards cost optimisation, faster execution, improved asset utilisation in complex deepw...