ONGC, Reliance Ink Offshore Resource-Sharing Pact; Oil & Gas Stocks Surge

Oil and gas stocks witnessed strong buying interest after ONGC and Reliance Industries signed a landmark resource-sharing agreement for deepwater offshore exploration on India’s east coast. The pact, announced at India Energy Week 2026, aims to improve operational efficiency through shared access to infrastructure, pipelines, manpower and exploration resources on a cost-to-cost basis. The move follows recent policy reforms under the Oilfield Regulation and Development Amendment Act, encouraging collaboration among energy producers to optimise costs and boost domestic exploration and production. Market Expert G Chokkalingam, Founder & MD, Equinomics Research see the agreement as particularly positive for ONGC, given its upstream focus and attractive valuations, while the broader sector also benefits from improved efficiency and policy support. Investors are closely tracking further details on cost savings and execution.