New Delhi: In a major step towards bolstering India's offshore exploration capacity, Oil and Natural Gas Corporation Limited (ONGC), BP Exploration (Alpha) Ltd, and Reliance Industries Limited (RIL) have signed a Joint Operating Agreement (JOA) for collaborative exploration of Block GS-OSHP-2022/2 in the Saurashtra Basin.
Awarded under the Open Acreage Licensing Policy (OALP) Bid Round-IX, the offshore block covers approximately 5,454 square kilometres and falls under Category-II basins. ONGC will lead the consortium as the designated Operator.
The agreement has been formally signed on July 28, at ONGC’s Deendayal Urja Bhavan in Vasant Kunj, New Delhi, in the presence of senior officials from the three companies. Among the key dignitaries present were BP Exploration (Alpha) Limited's Director (Finance) Manoj Kumar; Reliance Industries Limited's Senior Vice President Avinash Kumar Pathak; ONGC's Director (Strategy & Corporate Affairs) Arunangshu Sarkar; ONGC's Director (Exploration) Om Prakash Sinha and ONGC's Chief (Exploration- JV & BD) Sanjay Baveja.
The signing of the JOA marks a significant milestone in strategic collaboration between leading energy players and underscores a collective commitment to enhancing India’s energy security. The consortium aims to undertake exploratory operations to assess and develop the hydrocarbon potential of the region.
This partnership is expected to bring in synergies from each of the participating companies, accelerating exploration efforts and contributing to the nation's long-term energy objectives.
(PSU Watch– India's Business News centre that places the spotlight on PSUs, Bureaucracy, Defence and Public Policy is now on Google News. Click here to follow. Also, join PSU Watch Channel in your Telegram. You may also follow us on Twitter here and stay updated.)