Reliance Industries Ltd.

Reliance Industries (RIL) has inked a memorandum of understanding (MoU) with the Oil and Natural Gas Corporation (ONGC) to explore the possibility of sharing RIL’s infrastructural facility in the East Coast. The MoU aims at working out the modalities for sharing of infrastructure, identifying additional requirements as well as firming up the commercial terms.

This shall not only minimize ONGC’s initial Capex but also expedite its field development resulting in early monetization of its deep water fields adjacent to the fields of RIL. The companies intend to enter into a formal agreement after conducting a joint study which will be spread over the next nine months.