New Delhi: Shares of Oil and Natural Gas Corporation (ONGC) surged today following a rise in global crude oil prices, with the stock movement prompting speculation about a potential resource-sharing agreement with Reliance Industries.
In a clarification submitted to the National Stock Exchange (NSE) and BSE, ONGC stated that the increase in its share price is primarily due to a 10.5% jump in Brent crude oil prices, from approximately USD 60 per barrel on 7 January 2026 to around USD 67 today. The company also noted similar gains among Indian E&P peers, including Oil India Limited (+9.79%) and Hind Oil Exploration (+5.18%).
Regarding the news item claiming that ONGC and Reliance signed a resource-sharing pact, the company said the report pertains to a forward-looking initiative under the Oilfields (Regulation and Development) Amendment Act, 2025 (ORDA Act 2025). This framework allows exploration and production operators to share infrastructure and facilities, both onshore and offshore, to optimize hydrocarbon production.
ONGC emphasized that the agreement is intended to facilitate collaboration for the development of India’s hydrocarbon sector, and clarified that there is no undisclosed information affecting trading or regulatory proceedings.
Company Secretary & Compliance Officer, Shashi Bhushan Singh, signed off the communication, noting that the clarification was being shared “for information and record.”
The development highlights the impact of global oil dynamics on domestic E&P stocks and underscores the Indian government’s push for collaborative and efficient resource utilization in the hydrocarbon sector.