Oil & Natural Gas Corporation Limited has formally clarified to stock exchanges that it is not engaged in any definitive negotiations or arrangements with ExxonMobil, responding to market speculation about a potential partnership between the two energy giants. Market Movement and Sector PerformanceThe clarification came as ONGC's shares gained momentum alongside other exploration and production companies on January 29, 2026. The company noted that rising Brent crude oil prices have positively impacted Indian E&P sector valuations. Official Company PositionIn its formal response to the National Stock Exchange and BSE Limited, ONGC provided clear answers to regulatory queries. When asked about potential negotiations with ExxonMobil, the company stated definitively that it is "presently not engaged in any definitive negotiations or arrangements with ExxonMobil."

Source: Mint January 29, 2026 16:11 UTC