Reliance Industries, ONGC, and BP have signed a Joint Operating Agreement to explore offshore Block GS-OSHP-2022/2 in the Saurashtra basin under India’s Hydrocarbon Exploration and Licensing Policy.
MUMBAI (India CSR): In a major development aimed at strengthening India’s energy security and exploration capabilities, Reliance Industries Limited (RIL) has entered into a Joint Operating Agreement (JOA) with Oil and Natural Gas Corporation Limited (ONGC) and BP Exploration (Alpha) Limited (BP) for the offshore exploration Block GS-OSHP-2022/2, located in the Saurashtra basin off the western coast of India.
This significant agreement comes as part of the Government of India’s Hydrocarbon Exploration and Licensing Policy (HELP), which was designed to promote transparent and collaborative upstream activity among both public and private sector players. The block was awarded jointly to RIL, ONGC, and BP under this policy, and the three partners will now move forward with exploration operations in accordance with the block’s awarded terms.
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Strategic Collaboration to Unlock Offshore Potential
The newly signed Joint Operating Agreement outlines the responsibilities and coordination framework among the three energy giants for carrying out exploration and potentially, development and production activities in Block GS-OSHP-2022/2.
This offshore block lies in the Saurashtra basin, an emerging and promising region in India’s energy map. The collaboration brings together the technological expertise of BP, the exploration and operational depth of ONGC, and the integrated project management strength of Reliance, making it a formidable partnership.
The tripartite agreement is expected to leverage cutting-edge technologies and best global practices in offshore exploration, with the goal of efficiently discovering and developing hydrocarbon resources.
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Boost to India’s Energy Security and Exploration Landscape
India continues to face a growing demand for energy, and domestic hydrocarbon production is critical to reducing dependence on imports. The partnership is aligned with India’s broader energy strategy, which includes increasing domestic exploration, investing in advanced technology, and encouraging public-private collaborations.
This partnership underlines our continued commitment to India’s energy security and to unlocking the country’s full hydrocarbon potential. We are excited to work alongside ONGC and BP in this high-potential offshore block.
As India’s premier energy explorer, ONGC sees this agreement as a strategic opportunity to synergize capabilities and accelerate exploration in the Saurashtra basin. The joint operations will ensure the highest standards in safety, efficiency, and environmental responsibility.
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Reliance Industries Limited
Reliance Industries Limited (RIL) is India’s largest private sector company, with a consolidated revenue of INR 10,71,174 crore (US$ 125.3 billion) and net profit of INR 81,309 crore (US$ 9.5 billion) for the fiscal year ending March 31, 2025.
RIL’s diversified business portfolio spans:
- Hydrocarbon exploration and production
- Petroleum refining and marketing
- Petrochemicals
- Advanced materials and composites
- Renewable energy, including solar and hydrogen
- Retail and digital services
Reliance is currently ranked 86th on the Fortune Global 500 list of the World’s Largest Companies in 2024 and holds the 49th position on the Forbes Global 2000 list of the World’s Largest Public Companies, the highest for any Indian company. In a testament to its innovation and global influence, Reliance is also the only Indian company to feature twice in Time’s 100 Most Influential Companies list as of 2024.
(India CSR)
