ONGC, Shell Ink Pact for Deepwater Exploration and LNG Sourcing

Indian state-owned Oil and Natural Gas Corp (ONGC) has signed a non-binding memorandum of understanding (MoU) with Shell Energy India Private Ltd to explore joint opportunities in deepwater oil and gas exploration and liquefied natural gas (LNG) sourcing.

The agreement, which covers potential collaboration across India's energy sector, includes joint participation in deepwater and ultra-deepwater offshore blocks offered under the government's Open Acreage Licensing Policy (OALP), as well as future bidding rounds. ONGC and Shell will also explore opportunities to bring additional partners into existing ONGC blocks through farm-in and farm-out arrangements.

The MoU sets out a non-binding framework for such collaboration, with no commitment from either company to specific investments or projects. The agreement is part of a broader push by Indian energy companies to secure additional domestic oil and gas resources while expanding access to LNG as the country seeks to build a more gas-based economy.

The partnership brings together ONGC's position as India's largest oil and gas explorer with Shell's global expertise across upstream exploration and LNG. This collaboration is expected to create new synergies across the energy value chain, supporting deeper exploration, greater energy availability, and India's long-term energy security.