ONGC has addressed a news item regarding a potential partnership with ExxonMobil for jointly bidding on oil & gas blocks. In a clarification issued on January 29, 2026, ONGC stated that the company is currently not engaged in any definitive negotiations or arrangements with ExxonMobil. This announcement follows an increase in Brent crude oil prices and a corresponding reflection in the share prices of Indian E&P companies.
Response to Media Speculation
ONGC has officially responded to recent media reports suggesting a possible collaboration with ExxonMobil for bidding on oil and gas blocks. The company issued a clarification on January 29, 2026, to address the speculation and provide clarity to investors.
Current Status of Negotiations
According to the official statement, the Company is presently not engaged in any definitive negotiations or arrangements with ExxonMobil. This statement aims to dispel rumors and provide accurate information regarding ONGC’s current business activities.
Market Context
The clarification also acknowledged an increasing trend in Brent crude oil prices, which has influenced the share prices of Indian Exploration and Production (E&P) companies. As of January 28, 2026:
- ONGC: -2.46%
- Oil India Limited: -4.93%
- Hind Oil Exploration: -1.89%
Source: BSE
