Oil and Natural Gas Corporation (ONGC) and Shell Energy India Private Limited (Shell Energy India) have signed a non-binding memorandum of understanding to explore joint opportunities in deepwater oil and gas exploration and liquefied natural gas sourcing. The agreement, concluded on 10 August 2026, establishes a framework for evaluating potential areas of co-operation but does not commit either party to specific investments or projects. The companies said the arrangement is intended to create synergies across the energy value chain, support India's long-term energy security and assess feasibility across technical and commercial dimensions.

They will explore joint participation in Open Acreage Licensing Policy Rounds 10 and 11 under the broader Samudra Manthan initiative and may consider participation in future offshore licensing rounds. The MoU contemplates potential farm-in and farm-out arrangements involving ONGC's existing OALP blocks and the possibility of bringing additional partners into those assets. The companies will examine technical readiness, drilling and subsea capability, permitting pathways and commercial terms before advancing to concrete bids or joint ventures.

The agreement also addresses liquefied natural gas sourcing to support a transition towards a stronger gas-based economy and to strengthen supply availability for domestic consumers and industry. Shell Energy India's global experience in upstream exploration and LNG markets will be assessed alongside ONGC's domestic position as India's largest oil and gas explorer. Consideration of supply chains, import logistics, contract structures and price mechanisms will form part of the joint evaluation before any sourcing arrangements are agreed.

The memorandum builds on ONGC's earlier efforts to bring international expertise into India's deepwater exploration programme, including a heads of agreement with ExxonMobil in August 2022 and memorandums with other global majors for deep and ultra-deepwater exploration. The partnership is framed as part of a broader push to accelerate offshore exploration, attract investment and transfer technical expertise into more challenging acreage. The MoU represents an initial stage in which the parties will assess whether to move to specific projects together.