ONGC, bp tie up to drill stratigraphic wells in offshore sedimentary basins
The MoU was signed during the second edition of Urja Varta 2025, a conclave on upstream oil and gas sectors organized by the Directorate General of Hydrocarbons.
A stratigraphic well is drilled specifically to obtain geological information rather than for oil or gas production.
"ONGC has signed a strategic Memorandum of Understanding (MoU) with bp_plc on 17 July 2025, to collaborate on drilling stratigraphic wells in India's Category II & III offshore sedimentary basins: Andaman, Mahanadi, Saurashtra, and Bengal. This partnership will enhance geological understanding and unlock untapped hydrocarbon potential, strengthening India's long-term energy security," ONGC said in a tweet.
Commenting on the development Kartikeya Dube, head of country, bp India and senior vice president, bp group said: "We are excited to underpin our existing alliance with ONGC in this project of national and strategic significance. We believe drilling of new stratigraphic wells will be very valuable and can lead to a new understanding and potential."
He added that bp's experience in deep water exploration supported by new seismic technologies would be of great assistance during the evaluation and subsequent drilling of stratigraphic wells.
In the ninth round of auctions under Centre's Open Acreage Licensing Policy (OALP), ONGC tied up with Reliance Industries Ltd and bp plc for a block in the Saurashtra Basin. This marked the entry of London-headquartered bp into India's upstream exploration & production (E&P) space. In the ninth round ONGC secured 15 blocks—four in partnership with other players, and 11 independently.
In February this year ONGC had signed an MoU with bp for collaboration in exploration and production of oil and gas, energy trading and other segments in the energy business both in India and internationally.
The state-run energy major's shares on the BSE closed at ₹ 243.90 on Thursday, higher by 0.41% from its previous close.
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