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.
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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.
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.
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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.”