Oil & Natural Gas Corporation Limited has informed the Exchange regarding a press release dated July 28, 2025, titled "ONGC, BP Exploration (Alpha) Ltd, and Reliance Industries Ltd Sign Joint Operating Agreement for Offshore Block in Saurashtra Basin".
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ONGC, along with BP Exploration (Alpha) Ltd and Reliance Industries Ltd, has signed a Joint Operating Agreement for an offshore block located in the Saurashtra Basin. The three companies will jointly explore and develop this offshore hydrocarbon block. This is a significant consortium formation involving two of India's largest energy players alongside global major BP. The press release dated July 28, 2025 marks a key step forward in exploration activities in this basin.
This partnership signals continued exploration investment in India's offshore hydrocarbon resources and could be positive for ONGC's long-term production outlook if the block yields discoveries. For shareholders, it represents strategic collaboration with global expertise (BP) and domestic scale (RIL), though commercial outcomes depend on future exploration results.