ONGC clarifies a news item regarding a resource-sharing pact, stating that the agreement aligns with the Oilfields (Regulation and Development) Amendment Act, 2025, which promotes infrastructure and facilities sharing for efficient hydrocarbon development. The company also notes a 10.5% increase in world crude oil prices over the past 3 weeks, contributing to a rise in its share price.
Response to News Item
Oil and Natural Gas Corporation (ONGC) has addressed a recent news item concerning a resource-sharing pact. The company clarified its position in a statement released on January 28, 2026.
Resource Sharing Agreement
ONGC confirms the agreement is in line with the Oilfields (Regulation and Development) Amendment Act, 2025 (ORDA Act 2025). This act facilitates infrastructure and facility sharing among Exploration & Production (E&P) operators. The core aim is to optimize the development and production of hydrocarbons within India’s hydrocarbon sector.
Crude Oil Price Impact
ONGC also highlighted the external factors influencing its share value. There has been a notable increase in world crude oil prices. Prices have risen from approximately USD 60 on January 7, 2026, to about USD 67 on January 28, 2026. This translates to an increase of 10.5% within a 3-week period.
Peer Performance
The company notes that the share prices of other Indian E&P companies have increased as well, including Oil India Limited (9.79%) and Hind Oil Exploration (5.18%).
Source: BSE
