Reliance signs joint operating agreement with ONGC, BP for Saurashtra block

Time of India

a day ago

New Delhi:
Reliance Industries Ltd
has entered into a
joint operating agreement
with state-owned
Oil and Natural Gas Corporation
(
ONGC
) and
BP Exploration
for a Saurashtra basin oil and gas exploration block, the firm said on Tuesday.
The three firms had, for the first time, come together to bid for an area for finding and producing oil and gas in
offshore exploration
of
Block GS-OSHP-2022/2
in the 9th bid round of Open Acreage Licensing Policy (OALP) last year.
The block, located off the western coast in the Saurashtra Basin, spans an area of 5,454 square kilometres and is classified under Category-II basins. The consortium, with
ONGC
designated as the operator, will undertake exploratory activities aimed at assessing and harnessing the hydrocarbon potential of the region.
"
Reliance
has entered into a joint operating agreement with ONGC and BP Exploration (Alpha) Limited (BP) for the exploration Block GS-OSHP-2022/2," the firm said in a statement. "This Block is located off the western coast in Saurashtra basin and was awarded to RIL, ONGC and BP as part of
Hydrocarbon Exploration
and Licensing Policy. Parties will pursue exploration operation in the Block pursuant to the terms of award of the Block."
The agreement was signed on July 28 at ONGC's office.