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Time of India
2 days ago
- Business
- Time of India
Reliance signs joint operating agreement with ONGC, BP for Saurashtra block
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.
News18
2 days ago
- Business
- News18
RIL Signs Joint Operating Agreement With ONGC And BP Exploration In Saurashtra Basin
The block, located off the western coast in the Saurashtra Basin, spans an area of about 5,454 square kilometres and is classified under Category-II basins Reliance Industries Limited has signed a joint operating agreement with Oil and Natural Gas Corporation and BP Exploration for the exploration block located off the western coast in the Saurashtra basin, which was awarded to RIL, ONGC, and BP as part of the Hydrocarbon Exploration and Licensing Policy. The parties will pursue the exploration operation in the block under the terms of the block award. The block was awarded under the Open Acreage Licensing Policy (OALP) Bid Round-IX. The agreement was signed at ONGC's Deendayal Urja Bhavan, Vasant Kunj, New Delhi, ONGC said in a regulatory filing. 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. The block, located off the western coast in the Saurashtra Basin, spans an area of about 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. view comments First Published: Disclaimer: Comments reflect users' views, not News18's. Please keep discussions respectful and constructive. Abusive, defamatory, or illegal comments will be removed. News18 may disable any comment at its discretion. By posting, you agree to our Terms of Use and Privacy Policy.
Time of India
2 days ago
- Business
- Time of India
Reliance signs joint operating agreement with ONGC, BP for Saurashtra block
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. Explore courses from Top Institutes in Please select course: Select a Course Category MCA PGDM Product Management Artificial Intelligence Digital Marketing Management Leadership Operations Management MBA Finance Degree Design Thinking others Healthcare Data Analytics Technology Public Policy Project Management Others CXO healthcare Cybersecurity Data Science Data Science Skills you'll gain: Programming Proficiency Data Handling & Analysis Cybersecurity Awareness & Skills Artificial Intelligence & Machine Learning Duration: 24 Months Vellore Institute of Technology VIT Master of Computer Applications Starts on Aug 14, 2024 Get Details 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. Economic Times WhatsApp channel )
India.com
2 days ago
- Business
- India.com
ONGC, Reliance and BP sign HISTORIC deal, launches major oil mission in..., will India discover huge reserve of oil and gas?
ONGC, Reliance and BP sign HISTORIC deal, launches major oil mission in..., will India discover huge reserve of oil and gas? Three major companies Oil and Natural Gas Corporation Limited (ONGC), BP Exploration (Alpha) Ltd, and Reliance Industries Limited (RIL) on July 28 announced that they have signed a Joint Operating Agreement (JOA) to explore oil and gas in an offshore area of the Saurashtra Basin. This agreement is for Block GS-OSHP-2022/2, which was awarded under the 9th round of the Open Acreage Licensing Policy (OALP). The signing took place in New Delhi at ONGC's Deendayal Urja Bhawan on July 28, 2025. This block is located off the western coast of India in the Saurashtra Basin and covers an area of around 5,454 square kilometers. It falls under a Category-II basin, which means it has promising potential for oil and gas. As part of the agreement, ONGC has been named the operator of the block. The company will now begin exploration work in the area to check for hydrocarbon reserves (like oil and natural gas) and evaluate the possibility of future production. Investment in Mozambique Project Last week, ONGC shared in a stock exchange filing that it has approved a funding of up to Rs. 5,082 crore for the Area 1 LNG project in Mozambique during the financial year 2026–27. This investment will be made through ONGC Videsh's subsidiaries. ONGC Videsh holds a 16 per cent stake in the Area 1 project in Mozambique. This stake is managed through its two subsidiaries, ONGC Videsh Rovuma (OVRL) and Beas Rovuma Energy Mozambique (BREML). The company's board has approved this Rs. 5,082.39 crore 'true-up' amount, which is meant to cover or adjust for estimated costs related to the project. Out of this, BREML will spend Rs. 1,270.62 crore in 2025–26 and Rs. 635.31 crore in 2026–27.
Time of India
2 days ago
- Business
- Time of India
ONGC, BP, RIL sign joint operating agreement for Saurashtra basin block
New Delhi: Oil and Natural Gas Corporation ( ONGC ), in partnership with BP Exploration (Alpha), and Reliance Industries (RIL), signed a joint operating agreement for offshore exploration of Block GS-OSHP-2022/2, awarded under the Open Acreage Licensing Policy (OALP) Bid Round-IX. According to the official press release, the block, located off the western coast in the Saurashtra Basin , spans an area of about 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 Manoj Kumar, Director - Finance, BP Exploration (Alpha), and Avinash Kumar Pathak, Senior Vice-President, RIL, including Arunangshu Sarkar, Director - Strategy & Corporate Affairs, ONGC, Om Prakash Sinha, Director - Exploration, ONGC.
