Overview

• Reliance Industries, Oil and Natural Gas Corporation and BP Exploration signed the agreement on July 29 at ONGC’s Deendayal Urja Bhavan in New Delhi.
• The offshore Block GS-OSHP-2022/2 spans roughly 5,454 square kilometres in the Saurashtra Basin and is classified under Category-II basins.
• The consortium secured the block through the government’s ninth Open Acreage Licensing Policy bid round as part of the Hydrocarbon Exploration and Licensing Policy.
• Under the pact ONGC will act as operator, leading efforts to assess and develop the basin’s hydrocarbon potential.
• The partnership reflects the companies’ joint commitment to bolstering India’s domestic energy security through new offshore resource development.