Reliance, ONGC, and BP Join Hands to Explore Oil Block in Saurashtra Basin

Reliance Industries Limited (RIL) has signed a joint operating agreement with Oil and Natural Gas Corporation (ONGC) and BP Exploration to begin oil and gas exploration in a block located off India’s western coast in the Saurashtra basin. The agreement marks a key step in India’s efforts to strengthen domestic energy production.

The block, which covers approximately 5,454 square kilometres, was awarded to the consortium under the Hydrocarbon Exploration and Licensing Policy (HELP), as part of the Open Acreage Licensing Policy (OALP) Bid Round-IX. The agreement was signed at ONGC’s Deendayal Urja Bhavan in New Delhi and was later confirmed through a regulatory filing.

ONGC will act as the operator for the exploration block. All three companies will work together to conduct surveys and begin exploration activities aimed at tapping into the hydrocarbon potential of the region. The block lies in a Category-II basin, which indicates promising chances of oil and gas discovery.

In a statement, Reliance said the agreement reflects a shared commitment to support India’s long-term energy goals and ensure energy security through local resource development. Top officials present at the signing included Manoj Kumar, Director (Finance), BP Exploration; Avinash Kumar Pathak, Senior Vice President, Reliance Industries; Arunangshu Sarkar, Director (Strategy & Corporate Affairs), ONGC; Om Prakash Sinha, Director (Exploration), ONGC; and Sanjay Baveja, Chief (Exploration, JV & BD), ONGC.

Meanwhile, ONGC has also announced plans to spend up to ₹5,082 crore through FY26–27 for its overseas LNG project in Mozambique. The company is also conducting a pre-feasibility study for a new oil refinery in Jamnagar.

This new partnership highlights growing collaboration in India’s energy sector.