New Delhi: Oil and Natural Gas Corporation Limited (ONGC), in partnership with BP Exploration (Alpha) Ltd and Reliance Industries Limited (RIL), has formally signed a Joint Operating Agreement (JOA) for the offshore exploration of a block in the Saurashtra Basin, said the oil and gas major in a statement. ONGC said that Block GS-OSHP-2022/2, located off the western coast in the Saurashtra Basin, was awarded under the Open Acreage Licensing Policy (OALP) Bid Round-IX.
The agreement was signed on July 28 at ONGC’s Deendayal Urja Bhavan, Vasant Kunj, New Delhi. "The block, located off the western coast in the Saurashtra Basin, spans an area of approximately 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," said ONGC.
"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," said ONGC.
The signing ceremony was attended by key dignitaries, Manoj Kumar, Director (Finance), BP Exploration (Alpha) Limited, and Avinash Kumar Pathak, Senior Vice President, Reliance Industries Limited, including Arunangshu Sarkar, Director (Strategy & Corporate Affairs), ONGC, Om Prakash Sinha, Director (Exploration), ONGC, and Sanjay Baveja, Chief (Exploration- JV & BD).
ONGC secured the largest number of blocks offered under Round-IX of OALP. While it secured 11 blocks on its own, the oil and gas Maharatna PSU bagged additional four blocks as part of a consortium.
