NewKerala.com

Key Points

Reliance Industries has partnered with ONGC and BP for a major offshore oil exploration project. The joint venture will operate in the Saurashtra basin under India's hydrocarbon licensing policy. This marks another strategic energy collaboration for RIL, which ranks among the world's top corporations. The deal strengthens India's push for domestic energy production through public-private partnerships.

Key Points: RIL ONGC BP Sign Joint Oil Exploration Deal for Saurashtra Basin

  • RIL ONGC BP form consortium for GS-OSHP-2022/2 exploration block
  • Deal covers offshore Saurashtra basin under HELP policy
  • Reliance ranks among Fortune Global 500 and Forbes 2000 companies
  • Partnership aims to boost India's domestic hydrocarbon production
2 min read

Reliance Industries Limited signs joint operating agreement with oil and Natural Gas Corporation Limited, bp exploration (alpha) limited

Reliance ONGC and BP partner for offshore exploration in Saurashtra basin under India's hydrocarbon licensing policy

"The parties will pursue exploration operations in the Block pursuant to the terms of award - RIL Statement"

New Delhi, July 29

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 (Block).

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, RIL said in a statement.

The RIL further added that the parties will pursue exploration operation in the Block pursuant to the terms of award of the Block.

Reliance Industries Limited (RIL) is India's largest private sector company, with a consolidated revenue of Rs 10,71,174 crore (USD 125.3 billion) and net profit of Rs 81,309 crore (USD 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.Currently ranked 86th, Reliance is the largest private sector company from India to be featured in Fortune's Global 500 list of 'World's Largest Companies' for 2024.

The company stands 49th in the Forbes Global 2000 rankings of 'World's Largest Public Companies' for 2024, the highest among Indian companies. Reliance has been recognized in Time's list of the 100 Most Influential Companies of 2024, marking the only Indian company to have achieved this honor twice.

- ANI

Share this article:

Reader Comments

S
Shreya B
Hope they prioritize environmental protection while exploring the Saurashtra basin. Our marine ecosystem is already under stress. Development shouldn't come at nature's cost!
A
Arjun K
ONGC + Reliance + BP = Power combo! But will local communities benefit? They should ensure some percentage of jobs go to Gujarat's youth. #LocalEmployment
P
Priya S
While this is exciting news, I wish Reliance would invest more in renewable energy too. We can't keep depending on fossil fuels forever. The climate crisis is real!
V
Vikram M
Another feather in Ambani's cap! But hope the profits trickle down to common people through lower fuel prices. Petrol is still too expensive 😅
K
Kavya N
Good strategic move. With China expanding in Indian Ocean, we need strong energy partnerships. But government should monitor foreign involvement carefully.
N
Nikhil C
The numbers are impressive but how much tax does Reliance actually pay? Big corporations should contribute more to nation building through taxes.

We welcome thoughtful discussions from our readers. Please keep comments respectful and on-topic.

Leave a Comment

Minimum 50 characters 0/50