Reliance Industries Limited (RIL) has entered into a Joint Operating Agreement with Oil and Natural Gas Corporation Limited (ONGC) and BP Exploration (Alpha) Limited (BP) for the exploration Block GS-OSHP-2022/2. This Block in located off the western coast in Saurashtra basin and was awarded to RIL, ONGC and BP as part of Hydrocarbon Exploration and Licensing Policy. Parties will pursue exploration operation in the Block pursuant to the terms of award of the Block.
The three firms had for the first time come together to bid for an area for finding and producing oil and gas in offshore exploration in the 9th bid round of Open Acreage Licensing Policy (OAP) last year.
Reliance Industries Limited (RIL) is India’s largest private sector company, with a consolidated revenue of INR 10,71,174 crore (US$ 125.3 billion) and net profit of INR 81,309 crore (US$ 9.5 billion) for the year ended March 31, 2025. Reliance’s activities span hydrocarbon exploration and production, petroleum refining and marketing, petrochemicals, advanced materials and composites, renewables (solar and hydrogen), retail and digital services.
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