Oil & Natural Gas Corporation Limited has informed the Exchange regarding a press release dated May 05, 2025, titled "Shell, Reliance, and ONGC set benchmark with India s first offshore facilities decommissioning project".
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ONGC, along with Shell (BGEPIL) and Reliance Industries, has successfully completed India's first offshore decommissioning project at the Tapti fields under the Panna-Mukta and Tapti (PMT) joint venture. ONGC holds a 40% participating interest, while Reliance and Shell each hold 30%. The project involved removing 5 wellhead platforms, associated infield pipelines, and safely plugging and abandoning 38 wells. Production from Tapti ceased in March 2016, and the decommissioning was carried out by Indian contractors Larsen & Toubro (offshore execution) and Chowgule Shipyard (onshore dismantling in Ratnagiri), in line with the 'Make in India' initiative. The project was executed in collaboration with the Ministry of Petroleum and Natural Gas, DGH, and OISD, and sets a regulatory and operational benchmark for future offshore energy transitions in India.
This is a milestone PR achievement rather than a financially material event. It strengthens ONGC's reputation in responsible energy practices and positions the company to benefit from future offshore decommissioning opportunities in India, but there is no immediate revenue or earnings impact for shareholders.