Oil & Natural Gas Corporation Limited has informed the Exchange regarding a press release dated August 12, 2025, titled "ONGC and Oil India Sign Joint Operating Agreement for three Blocks awarded in OALP round IX".
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ONGC and Oil India have signed a Joint Operating Agreement (JOA) on August 12, 2025, for three exploration blocks awarded under the Open Acreage Licensing Policy (OALP) Bid Round-IX. The three blocks include two onland blocks and one ultra deepwater block, covering a total area of about 10,964 square kilometres. They are located in Meghalaya (Assam Basin), Gujarat (Cambay Basin), and offshore in the Mahanadi Basin on the eastern coast. ONGC will act as the operator of the consortium, and the partnership will focus on exploring and assessing the hydrocarbon potential of these Indian sedimentary basins.
This is a positive strategic move for ONGC, expanding its exploration acreage and reinforcing its upstream portfolio alongside a trusted PSU partner, Oil India. However, the agreement is at the exploration stage, so any meaningful financial impact on earnings is likely several years away and depends on successful discoveries.