ONGC, BP, and Reliance Sign Joint Deal for Offshore Oil & Gas Exploration in Saurashtra Basin

On July 28, 2025, Oil and Natural Gas Corporation Limited (ONGC) officially signed a Joint Operating Agreement (JOA) with BP Exploration (Alpha) Ltd and Reliance Industries Ltd (RIL). This agreement is focused on the offshore exploration of Block GS-OSHP-2022/2, awarded under the OALP Bid Round-IX.

Location and Exploration Plan

The block is located off India’s western coast in the Saurashtra Basin and covers an area of around 5,454 square kilometres. It falls under Category-II basins, which are considered to have promising hydrocarbon potential.

ONGC has been appointed as the Operator of the consortium and will lead the exploration work to assess oil and gas reserves.

A Step Toward Energy Security

This collaboration reflects a strong commitment to boosting India’s energy security. It highlights how public and private sector companies can join forces to tap into domestic energy resources and reduce dependence on imports.

About ONGC

Oil and Natural Gas Corporation Limited (ONGC) is India’s largest government-owned oil and gas explorer. It contributes to about 70% of the country’s crude oil and 84% of its natural gas production.

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ONGC Share Price Movement

As of July 29, 2025, ONGC share price (NSE: ONGC ) is trading at ₹241.43, up 0.59% for the day. The stock opened at ₹240.02 and touched an intraday high of ₹242.51 and a low of ₹239.82. ONGC has a market capitalisation of ₹3.04 lakh crore, a price-to-earnings (P/E) ratio of 8.38, and its 52-week high and low are ₹345.00 and ₹205.00, respectively.

Conclusion

The joint venture between ONGC, BP, and Reliance for offshore exploration in the Saurashtra Basin is a major milestone in India’s energy sector. With combined expertise and a clear focus on domestic resource development, this partnership aims to strengthen the nation’s long-term energy independence.

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