Reliance Industries Ltd and Oil and Natural Gas Corporation Ltd (ONGC) sign MoU for sharing offshore resources.

Key facts

• Reliance Industries Ltd and Oil and Natural Gas Corporation Ltd (ONGC) signed an MoU on the sidelines of India Energy Week (IEW) to share offshore supply vessels and other resources.
• The pact targets enhanced operational efficiency, faster execution of offshore projects, and stronger synergies between India's largest oil and gas producer and the nation's most valuable company.
• The collaboration aims to allow a vessel approved by authorities to move between adjacent blocks, such as ONGC’s KG-DWN-98/2 and Reliance-BP’s KG-DWN-98/3 in the Krishna Godavari basin, without fresh approvals.
• Currently, securing fresh approvals for a foreign-flagged offshore supply vessel from the ministries of defence and home affairs and the director general of shipping takes 45 days and is area- and duration-specific.
• The companies will jointly approach the government to permit use of any fully-approved vessel anywhere in the Indian sedimentary basin.
• This is the second recent collaboration between ONGC and Reliance after they partnered with BP in 2024 to bid for the 5,454-sq-km Block GS-OSHP-2022/2 in the Saurashtra Basin under Open Acreage Licensing Policy (OALP) bid round IX.