ONGC AND RELIANCE SIGN AGREEMENT TO SHARE DEEPWATER RESOURCES EXPLORATION ON INDIA'S EAST COAST

and have signed a path-breaking agreement to enable resource sharing for deepwater offshore exploration and production operations on India's East Coast, particularly across the Krishna Godavari basin and Andaman offshore. This marks a major step towards cost optimisation, faster execution, and improved asset utilisation in complex deepwater projects. This agreement is expected to deliver measurable benefits through a structured framework for pooling critical assets and capabilities, including cost optimisation through shared use of high-value rigs, vessels, logistics and specialised subsea equipment. It will benefit both the companies in the long run.