Reliance Industries Ltd (RIL) has signed a joint operating agreement with Oil and Natural Gas Corporation (ONGC) and BP Exploration (Alpha) Ltd for offshore Block GS-OSHP-2022/2. The agreement was finalised on July 28, 2025, at ONGC’s office, as per the reports. This formalises the collaboration between the three companies to begin exploration activities in the region.
The awarded block is located off the western coast of India in the Saurashtra Basin. It spans 5,454 square kilometres and is classified under Category-II basins, which are considered moderately explored.
The block was awarded to the consortium under India’s Hydrocarbon Exploration and Licensing Policy (HELP).
ONGC has been designated as the operator of the block. The consortium will conduct exploration operations to assess hydrocarbon presence in the area. The agreement outlines the operational roles and responsibilities of each party in accordance with the block award terms.
The 3 companies had jointly bid for this block during the 9th round of the Open Acreage Licensing Policy (OALP) held in 2024. This is the first instance of RIL, ONGC, and BP forming a consortium for offshore exploration under OALP. The bidding process allowed participants to select areas based on data available from the National Data Repository.
Reliance Industries Ltd reported a consolidated revenue of ₹10.71 lakh crore ($125.3 billion) and a net profit of ₹81,309 crore ($9.5 billion) for the financial year ending March 31, 2025. The company operates across hydrocarbon exploration, petrochemicals, refining, digital services, retail, and renewables etc.
Read More: Reliance Outshines Nifty with $40 Billion Gain in 2025, Best Rally Since 2020!
As of 9:16 AM on July 30, 2025, Reliance Industries share price was trading at ₹1,413.70, a 0.24% decrease.
Exploration activities under the joint operating agreement will begin as per the awarded contract’s terms. The Saurashtra block project adds to the list of domestic offshore blocks under active exploration through public-private partnerships.
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Published on: Jul 30, 2025, 9:29 AM IST
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