India’s largest national oil company, Reliance Industries, and global energy major ONGC have jointly won a Gujarat offshore block for natural gas exploration under the Open Acreage Licensing Policy (OALP-IX). The three firms secured block GS-OSHP-2022/2, marking the first such collaboration among India’s largest national oil.
Company, its top conglomerate, and a global energy major. The bidding round, which closed in September 2024, prioritised government revenue share and work program quality, drew limited participation from private firms In a landmark development for India’s energy sector, Reliance Industries Ltd, BP Plc, and Oil and Natural Gas.
Corporation (ONGC) have jointly secured a shallow-water exploration block in the Gujarat offshore region under the ninth round of the Open Acreage Licensing Policy KG-D6 block in the Krishna-Godavari basin, (OALP-IX) . This marks the first collaboration among these three industry giants in India’s upstream oil and gas.
Strategic Partnership in Gujarat Offshore
The trio’s successful bid pertains to a block located in the Gujarat-Saurashtra basin, a region known for its hydrocarbon potential. While Reliance and BP have previously partnered in deepwater projects like the KG-D6 block in the Krishna-Godavari basin, this venture represents their inaugural joint effort with ONGC in shallow-water.
Overview of OALP-IX Bidding Round
The OALP-IX round offered 28 blocks spanning approximately 136,596 square kilometers across eight sedimentary basins. These included nine onshore blocks, eight shallow-water blocks, and eleven ultra-deepwater blocks. The Directorate General of Hydrocarbons (DGH) reported participation from four bidders: ONGC, Oil.
Submitted bids for all 28 blocks, while Sun Petrochemicals Ltd bid for seven areas additional blocks. Including the joint bid with Reliance-BP, ONGC was involved in bids for 19 out of the 28 blocks on offer ONGC emerged as a significant participant, submitting bids for 14 blocks India Ltd (OIL), Vedanta Ltd, and Sun Petrochemicals.
The collaboration between Reliance, BP, and ONGC underscores a strategic shift towards synergistic partnerships in India’s oil and gas exploration landscape. Such alliances are anticipated to enhance technological capabilities, optimize resource Ltd. Notably, Vedanta Ltd independently and collaborating with partners like OIL.
Implications for India’s Energy Sector
The OALP framework, introduced in 2017, aims to attract investment in India’s upstream sector by offering marketing and pricing freedom, a revenue-sharing and production activities in the region resources model, and reduced royalty rates. By fostering a competitive and investor-friendly environment, the policy seeks to unlock the country’s hydrocarbon potential and bolster energy security.
The successful joint bid by Reliance, BP, and ONGC in the OALP-IX round represents a significant milestone in India’s quest to enhance domestic oil and gas production. As these industry leaders embark on this collaborative venture, their combined and Indian Oil Corporation (IOC) for four. utilization, and accelerate the development.
This aligns with the government’s objective to reduce dependency on oil imports and achieve energy self-sufficiency efforts are poised to contribute substantially to the nation’s energy landscape and economic growth of domestic hydrocarbon The alliance aims to leverage combined expertise and resources to optimize exploration.
In a landmark collaboration, Reliance Industries, BP, and ONGC have jointly secured the GS-OSHP-2022/2 offshore block in Gujarat’s Saurashtra basin under the ninth round of the Open Acreage Licensing Policy (OALP-IX). This marks the first partnership among these energy majors in India’s upstream sector.
ONGC emerged as the dominant bidder, acquiring 15 blocks—11 independently and four with partners. Vedanta Ltd secured seven blocks, while Oil India Ltd won six on its own and three in joint ventures. The OALP-IX round offered 28 blocks across eight sedimentary basins, aiming to boost reduce dependence.
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