ONGC, BP Exploration Alpha Ltd and Reliance Industries Ltd Sign Joint Operating Agreement for Offshore Block in Saurashtra Basin

Oil and Natural Gas Corporation Limited (ONGC), in partnership with BP Exploration (Alpha) Ltd and Reliance Industries Limited (RIL), has formally signed a Joint Operating Agreement (JOA) for offshore exploration of Block GS-OSHP-2022/2, awarded under the Open Acreage Licensing Policy (OALP) Bid Round-IX. The agreement was signed on 28 July 2025 at ONGC's Deendayal Urja Bhavan, Vasant Kunj, New Delhi.

The block, located off the western coast in the Saurashtra Basin, spans an area of approximately 5,454 square kilometres and is classified under Category-II basins. The consortium, with ONGC designated as the Operator, is set to undertake exploratory activities aimed at assessing and harnessing the hydrocarbon potential of the region.

The signing ceremony was attended by key dignitaries, Mr. Manoj Kumar, Director (Finance), BP Exploration (Alpha) Limited; and Mr. Avinash Kumar Pathak, Senior Vice President, Reliance Industries Limited, including Mr. Arunangshu Sarkar, Director (Strategy & Corporate Affairs), ONGC; Mr. Om Prakash Sinha, Director (Exploration), ONGC; and Mr. Sanjay Baveja, Chief (Exploration- JV & BD).

This agreement marks a significant milestone in collaborative energy exploration and reflects the consortium's shared commitment to advancing India's energy security and contributing to the nation's long-term energy goals.

Shares of Oil & Natural Gas Corporation Limited was last trading in BSE at Rs. 240.10 as compared to the previous close of Rs. 240.20. The total number of shares traded during the day was 968177 in over 11658 trades.

The stock hit an intraday high of Rs. 241.60 and intraday low of 237.85. The net turnover during the day was Rs. 232112830.00.

Source : Equity Bulls

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OilandNaturalGasCorporation INE213A01029 ONGC RelianceIndustries BPExplorationAlpha OperatingAgreement