Oil & Natural Gas Corporation (ONGC) has taken a significant step forward in its exploration efforts by entering into a Joint Operating Agreement (JOA) with BP Exploration (Alpha) Ltd and Reliance Industries Limited (RIL) for offshore hydrocarbon exploration in the Saurashtra Basin.

Key Details of the Agreement

• Block: GS-OSHP-2022/2, awarded under the Open Acreage Licensing Policy (OALP) Bid Round-IX
• Location: Offshore in the Saurashtra Basin, off the western coast of India
• Area: Approximately 5,454 square kilometres
• Classification: Category-II basin
• Operator: ONGC

Signing Ceremony

The formal signing of the agreement took place on 28 July 2025 at ONGC's Deendayal Urja Bhavan in Vasant Kunj, New Delhi. The event was attended by key representatives from all three companies:

• Mr. Arunangshu Sarkar, Director (Strategy & Corporate Affairs), ONGC
• Mr. Om Prakash Sinha, Director (Exploration), ONGC
• Mr. Sanjay Baveja, Chief (Exploration- JV & BD), ONGC
• Mr. Manoj Kumar, Director (Finance), BP Exploration (Alpha) Limited
• Mr. Avinash Kumar Pathak, Senior Vice President, Reliance Industries Limited

Significance of the Partnership

This collaboration brings together three major players in the energy sector, combining their expertise and resources to explore and potentially harness the hydrocarbon potential of the Saurashtra Basin. The partnership is expected to contribute significantly to India's energy security and align with the nation's long-term energy goals.

Exploration Plans

The consortium, led by ONGC as the operator, will undertake exploratory activities in the designated block. These efforts aim to assess the hydrocarbon potential of the region and potentially lead to new discoveries that could boost India's domestic oil and gas production.

This strategic partnership between ONGC, BP, and Reliance Industries demonstrates a collaborative approach to energy exploration and underscores the importance of joint efforts in addressing India's growing energy needs.

Oil & Natural Gas Corporation (ONGC), India's state-owned oil and gas giant, has given the green light to several significant related party transactions for its international projects in Mozambique and South Sudan. These approvals, totaling over ₹22,000 crore, represent substantial financial commitments aimed at bolstering the company's global oil and gas operations.

Mozambique Project Transactions

ONGC's involvement in the Mozambique project is managed through its wholly-owned subsidiary, ONGC Videsh Limited (OVL), which holds a 16% Participating Interest (PI) in Area 1. The approved transactions for this project include:

1. True-up Amount: A receipt of up to ₹5,082.39 crore from Moz LNG1 HoldCo, Limitada (Moz HoldCo) or UAE Hold Co. This amount will be distributed as follows:

   • ONGC Videsh Rovuma Limited (OVRL): ₹2,117.61 crore in 2025-26 and ₹1,058.85 crore in 2026-27
   • Beas Rovuma Energy Mozambique Ltd. (BREML): ₹1,270.62 crore in 2025-26 and ₹635.31 crore in 2026-27

2. Asset Transfer: A transfer of Golfinho-Atum project-related assets from OVRL and BREML to Moz LNG1 AssetCo, Limitada. This 'Asset for Equity' transaction, followed by an 'Equity for Equity' transaction with Moz LNG1 HoldCo, Limitada, is estimated at approximately ₹14,400.00 crore.

3. Guarantee Support: An amendment to the existing guarantee support through a Debt Service Undertaking (DSU) for project financing, not exceeding USD 3.072 billion (approximately ₹27,648.00 crore at current exchange rates).

South Sudan Project Transactions

For its operations in South Sudan, where ONGC Nile Ganga BV (ONGBV) holds a 25% PI in Blocks 1, 2, and 4, ONGC has approved:

• Cash Call Payments: Up to USD 130 million (₹1,170.00 crore) for FY 2025-26 and USD 140 million (₹1,260.00 crore) for FY 2026-27 to Greater Pioneer Operating Company Ltd. (GPOC) for operating the South Sudan blocks.

Additional Board Decisions

In the same board meeting, ONGC also made key appointments and decisions:

1. Shri Om Prakash Sinha, Director (Exploration), has been appointed as a Key Managerial Personnel of the company with immediate effect.

2. M/s Agarwal S. & Associates, Practicing Company Secretaries, have been appointed as the Secretarial Auditor for five consecutive financial years from FY 2025-26 to FY 2029-30, subject to shareholder approval.

These strategic decisions underscore ONGC's commitment to its international operations and corporate governance. The substantial financial commitments, particularly in Mozambique, highlight the company's focus on expanding its global footprint in the oil and gas sector.

Note: All financial figures are based on the information provided in the company's official disclosure.