Reliance Forms Strategic Alliance for Saurashtra Oil Exploration

Reliance Industries Ltd, in collaboration with state-owned Oil and Natural Gas Corporation (ONGC) and BP Exploration (Alpha) Limited, has entered into a joint operating agreement targeting oil and gas resources in the Saurashtra basin. The consortium aims to explore and develop the hydrocarbon potential of Block GS-OSHP-2022/2 off India's western coast.

This marks the first instance where these industry leaders have united to explore an offshore area under the Open Acreage Licensing Policy's 9th bid round, showcasing a significant joint venture in the sector. The group's focus is on discovering viable oil and gas deposits within the 5,454 square kilometers the block spans.

ONGC is designated as the operator of the block, which is categorized under Category-II basins. The agreement, finalized on July 28 at ONGC's office, underscores the strategic partnership among these firms and their commitment to advancing India's hydrocarbon exploration initiatives.

(With inputs from agencies.)