Oil & Natural Gas Corporation Limited has formally clarified to stock exchanges that it is not engaged in any definitive negotiations or arrangements with ExxonMobil, responding to market speculation about a potential partnership between the two energy giants.

Market Movement and Sector Performance

The clarification came as ONGC's shares gained momentum alongside other exploration and production companies on January 29, 2026. The company noted that rising Brent crude oil prices have positively impacted Indian E&P sector valuations.

Response to Media Reports

The clarification was issued in response to a news report published on livemint.com dated January 28, 2026, which suggested that ONGC was exploring partnership opportunities with ExxonMobil for joint bidding on oil and gas blocks. The company's response was structured to address specific queries from the stock exchanges.

Official Company Position

In its formal response to the National Stock Exchange and BSE Limited, ONGC provided clear answers to regulatory queries. When asked about potential negotiations with ExxonMobil, the company stated definitively that it is "presently not engaged in any definitive negotiations or arrangements with ExxonMobil."

The company also confirmed it was not aware of any undisclosed information that could explain the trading movement in its shares, and indicated no regulatory or legal proceedings were involved in the matter.

Regulatory Compliance

The clarification was issued under Regulation 30 of SEBI regulations, demonstrating ONGC's commitment to transparent communication with investors and market participants. Company Secretary and Compliance Officer Shashi Bhushan Singh signed the official communication on January 29, 2026.

The company attributed the positive market sentiment primarily to the broader trend of increasing Brent crude oil prices, which typically benefits upstream oil and gas companies through improved operational economics and enhanced asset valuations.

Oil & Natural Gas Corporation has announced a strategic partnership with Reliance Industries to share deepwater resources located off India's east coast. This collaboration marks a significant development in the Indian offshore energy sector, bringing together two major players to optimize resource utilization and operational efficiency.

Strategic Partnership Objectives

The partnership between ONGC and Reliance is structured around three primary objectives that aim to transform deepwater operations along India's eastern coastline. The collaboration focuses on cost optimization, project acceleration, and enhanced asset utilization.

Operational Benefits

The resource-sharing arrangement is expected to deliver substantial operational advantages for both companies. By combining their deepwater capabilities and infrastructure, ONGC and Reliance can leverage economies of scale and reduce individual capital expenditure requirements. The partnership enables both companies to access shared technical expertise and operational resources, potentially leading to more efficient exploration and production activities.

The collaboration also allows for better risk distribution across deepwater projects, which typically require significant capital investment and carry inherent operational challenges. Through this strategic alliance, both companies can pursue larger-scale deepwater initiatives that might have been challenging to undertake independently.

Industry Impact

This partnership represents a notable shift in India's offshore energy landscape, where major companies are increasingly looking toward collaborative approaches to tackle complex deepwater projects. The agreement demonstrates how industry leaders can work together to optimize resource allocation and enhance operational efficiency in challenging offshore environments.

The strategic alliance between ONGC and Reliance is positioned to set a precedent for future collaborations in India's energy sector, particularly in deepwater exploration and production activities along the country's extensive coastline.