Oil India Limited has informed the Exchange regarding a press release dated August 12, 2025, titled "Oil India Limited and Oil & Natural Gas Corporation Limited Signed Joint Operating Agreement for Three OALP-IX Blocks. ".
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Oil India Limited (OIL) and ONGC have signed a Joint Operating Agreement (JOA) for three exploration blocks awarded under OALP Bid Round-IX, covering a total area of around 10,965 sq. km. The three blocks are MN-UDWHP-2023/1 (ultradeep waters of Bay of Bengal in the Mahanadi Basin, beyond 2,500 m isobath), CB-ONHP-2022/2, and AS-ONHP-2022/2 (south-west of Meghalaya in the challenging Assam Shelf Basin). The agreement was signed on August 12, 2025 at Deendayal Upadhyay Urja Bhavan, New Delhi, by senior officials from both companies. The partnership reflects collaboration between the two national oil companies to pursue hydrocarbon exploration and support the country's energy security.
Mildly positive for OIL shareholders — partnering with ONGC spreads exploration risk and cost across a much larger, experienced operator, while opening up frontier acreage (including ultradeep water). Near-term financial impact is limited since these are exploration-stage blocks with no near-term production, but the move strengthens OIL's long-term growth pipeline.