Oil and Natural Gas Signs Resource Sharing Pact With Reliance for Offshore Exploration; Shares Up 7%

MT Newswires Live

01/28

Oil and Natural Gas (NSE:ONGC, BOM:500312) has entered into a resource-sharing agreement with Reliance Industries (NSE:RELIANCE, BOM:500325) for deepwater offshore exploration and production (E&P) operations on India's

East Coast, particularly across the Krishna Godavari (KG) basin and Andaman offshore, the state-owned explorer said in a filing to the Indian stock exchanges.

Through this pact, ONGC and Reliance will work towards sharing key resources required for offshore operations, which may include onshore and offshore processing, such as facilities, drilling rigs, marine vessels, pipelines, and well services, among others.

The partnership will help the companies to optimize costs through shared use of high-value rigs, vessels, logistics, and specialized subsea equipment, by reducing duplication and idle capacity across operators.

The company's shares were up over 7% in recent trade.

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