Reliance inks joint operating agreement with ONGC and BP Exploration in the Saurashtra basin

Reliance Industries said in a statement on Tuesday that it 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. 

It added that 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.

Last week, ONGC approved a true-up amount of up to ₹5,082 crore that will be spent over FY26-27 by subsidiaries of ONGC Videsh in the Area 1 Mozambique LNG Project, it disclosed in a regulatory filing to the exchanges. Earlier this month, Reuters reported that the state-run company is exploring building a refinery with a capacity of 200,000—240,000 barrels per day in Jamnagar. It is currently doing a pre-feasibility study for the project.

Reliance Industries shares hit their lowest in a month after it posted underwhelming quarterly results, barring the stake sale in Asian Paints, in its legacy oil-to-chemicals business. The results were dragged down by planned shutdowns in its Jamnagar refinery, which affected its refining operations. 

The signing ceremony was attended by Manoj Kumar, director, finance, BP Exploration; Avinash Kumar Pathak, senior vice president, Reliance Industries, including Arunangshu Sarkar, director, strategy and corporate affairs, ONGC; Om Prakash Sinha, director, exploration, ONGC; and Sanjay Baveja, chief, exploration, JV & BD.