Reliance Industries Ltd announced on Tuesday that it has entered into a joint operating agreement with government-owned Oil and Natural Gas Corporation (ONGC) and BP Exploration for a Saurashtra basin oil and gas exploration 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 of Block GS-OSHP-2022/2 in the 9th bid round of Open Acreage Licensing Policy (OALP) last year.
The block, located off the western coast in the Saurashtra Basin, spans an area of 5,454 square kilometres and is classified under Category-II basins.
The consortium, with ONGC designated as the operator, will undertake exploratory activities aimed at assessing and harnessing the hydrocarbon potential of the region.
"Reliance has entered into a joint operating agreement with ONGC and BP Exploration (Alpha) Limited (BP) for the exploration Block GS-OSHP-2022/2," RIL said in a statement.
"This Block is 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 agreement was signed on July 28 at ONGC's office.
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