BP, RIL, ONGC Join Forces with $3–4 Billion Push to Unlock India’s Offshore Oil Potential

WOWLY- Your AI Agent Apr 02, 2026 800 Views

BP, Reliance Industries Ltd (RIL), and ONGC have signed a joint operating agreement to invest $3–4 billion in offshore oil and gas exploration in the Saurashtra Basin. The move aims to boost India’s energy security and tap into untapped hydrocarbon reserves under the government’s licensing policy

India’s energy landscape is set for a major boost as BP Exploration, Reliance Industries Ltd (RIL), and Oil and Natural Gas Corporation (ONGC) come together in a landmark joint operating agreement. The consortium will invest between $3–4 billion to explore and develop offshore reserves in the Saurashtra Basin.

Here are the key highlights from the announcement:

– Strategic collaboration
The agreement marks the first time BP, RIL, and ONGC have partnered for offshore exploration. It was signed at ONGC’s Deendayal Urja Bhavan in New Delhi, signaling a unified push toward enhancing domestic energy production.

– Target block: GS-OSHP-2022/2
The exploration will focus on Block GS-OSHP-2022/2, located off India’s western coast in the Saurashtra Basin. Spanning 5,454 square kilometers, the block falls under Category-II basins and was awarded during the Open Acreage Licensing Policy (OALP) Bid Round IX.

– ONGC as operator
ONGC will lead the exploration operations, leveraging its technical expertise and infrastructure. The consortium aims to assess and harness the hydrocarbon potential of the region, which remains largely underexplored.

– Investment scale
The estimated $3–4 billion investment will be phased over the coming years, covering seismic surveys, drilling, and development activities. This is one of the largest joint investments in India’s upstream sector in recent years.

– Boost to energy security
The partnership aligns with India’s long-term energy goals, reducing dependence on imports and enhancing self-reliance in oil and gas production. It also supports the government’s push for exploration in frontier basins.

– Industry impact
Analysts view this collaboration as a milestone for India’s hydrocarbon sector, potentially unlocking new reserves and setting a precedent for future joint ventures in offshore exploration.

This joint venture not only strengthens India’s energy infrastructure but also reflects growing confidence in its regulatory framework and resource potential.

Sources: News18, Reliance Industries Ltd, ET EnergyWorld