Oil and Natural Gas Corporation (ONGC) and Reliance Industries signed a strategic MoU at day one of India Energy Week 2026. Photo courtesy: x.com/IndiaEnergyWeekThe two firms signed an MoU for resource-sharing collaboration on the sidelines of India Energy Week (IEW), ONGC Director (Production) Pankaj Kumar said. ONGC, Reliance and BP in 2024 come together to bid for Block GS-OSHP-2022/2, a 5,454-sq-km offshore tract in the Saurashtra Basin in the Open Acreage Licensing Policy (OALP) bid round IX. ONGC and Reliance have adjacent oil and gas fields for which they hire resources like offshore supply vessels (OSV). The collaboration marks an important milestone in India’s offshore energy journey, reflecting a shift toward cooperative models that balance efficiency with long-term strategic interests.