Reliance Joins Forces with ONGC and BP for Saurashtra Basin Exploration

Reliance Industries Limited (RIL) has partnered with Oil and Natural Gas Corporation Limited (ONGC) and BP Exploration (Alpha) Limited (BP) through a Joint Operating Agreement for the exploration of Block GS-OSHP-2022/2. Located off the western coast in the Saurashtra basin, this block was awarded as part of the Hydrocarbon Exploration and Licensing Policy.

According to RIL's announcement, the collaboration aims to advance exploration operations based on the block's award terms. As India's largest private company, Reliance recorded a consolidated revenue of Rs 10,71,174 crore (USD 125.3 billion) and a net profit of Rs 81,309 crore (USD 9.5 billion) for the fiscal year ending March 31, 2025.

Reliance's diverse portfolio spans hydrocarbon exploration, petroleum refining, and innovative fields like renewables and digital services. The company ranks 86th on Fortune's Global 500 list for 2024 and 49th in Forbes Global 2000 rankings—the highest among Indian companies. Reliance is also the only Indian company on Time's 100 Most Influential Companies list for 2024, an accolade it has achieved twice. (ANI)

(With inputs from agencies.)