ONGC, Oil India sign joint operating pact for three OALP-IX blocks

New Delhi: Oil and Natural Gas Corporation Limited (ONGC) and Oil India Limited (OIL) have signed a Joint Operating Agreement (JOA) for two onland blocks and one ultra deepwater block awarded under the Open Acreage Licensing Policy (OALP) Bid Round-IX, the companies said in a statement on Tuesday.

PSU Watch is now on Whatsapp Channels. Click here to join

Blocks across three basins

The blocks are located in Meghalaya (Assam Basin), Gujarat (Cambay Basin) and offshore in the Mahanadi Basin on India’s eastern coast, covering a total area of about 10,964 square kilometres. ONGC will act as the operator of the consortium, which will carry out exploratory activities to assess and harness hydrocarbon potential in these sedimentary basins.

Signing ceremony in New Delhi

The agreement was signed on Tuesday at ONGC’s Deendayal Urja Bhavan in Vasant Kunj, New Delhi, in the presence of key dignitaries, including Saloma Yomdo, Director (E&D), Oil India; Arunangshu Sarkar, Director (Strategy & Corporate Affairs), ONGC; and Om Prakash Sinha, Director (Exploration), ONGC.

Push for energy security

According to the statement, the JOA 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.”

(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.)