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ONGC Confirms Resource-Sharing Pact with Reliance Amid 10.5% Surge in Crude Oil Prices
ONGC has clarified that its recent share price movement is primarily driven by a 10.5% increase in global Brent crude prices, which rose from approximately $60 to $67 per barrel over the last three weeks. The company also confirmed a resource-sharing agreement with Reliance Industries, enabled by the Oilfields (Regulation and Development) Amendment Act, 2025. This pact allows for the shared use of infrastructure and facilities to enhance efficiency in offshore and onland hydrocarbon production. Peer companies like Oil India and Hind Oil Exploration also saw gains of 9.79% and 5.18% respectively, reflecting sector-wide momentum.
Key Highlights
Brent crude prices rose 10.5% from ~$60 on Jan 7 to ~$67 on Jan 28, 2026
Confirmed resource-sharing agreement with Reliance Industries to optimize offshore energy production
Agreement is facilitated by the new Oilfields (Regulation and Development) Amendment Act, 2025
Peer company Oil India Limited saw a 9.79% price increase in the same period
Collaboration aims to improve development efficiency for India's hydrocarbon sector
💼 Action for Investors
Investors should view the infrastructure-sharing pact with Reliance as a long-term positive for operational efficiency and cost reduction. Maintain a focus on global crude price trends, as the company remains highly sensitive to Brent price fluctuations.