State-owned Oil and Natural Gas Corporation Limited (ONGC), along with BP Exploration (Alpha) Ltd and Reliance Industries Limited (RIL), on Monday, July 28, said it has entered into a joint operating agreement (JOA) for the offshore exploration of Block GS-OSHP-2022/2. The block was awarded under the Open Acreage Licensing Policy (OALP) bid round 9.
The agreement was signed on July 28, 2025, at ONGC’s Deendayal Urja Bhavan in New Delhi. Located off the western coast in the Saurashtra Basin, the block covers an area of approximately 5,454 square km and falls under category-II basins.
ONGC has been designated as the operator for the block, and the consortium will now undertake exploration activities to assess and tap the hydrocarbon potential of the region.
Also Read: ONGC inks pact with Japan’s Mitsui O.S.K. Lines for ethane carriers
Last week, ONGC approved a true-up amount of up to ₹5,082 crore that will be spent over FY26-27 by subsidiaries of ONGC Videsh involved in the Area 1 Mozambique LNG project, according to a stock exchange filing.
ONGC Videsh has 16% participating interest in the Area 1 Mozambique project, and it is managed through its stepdown companies – ONGC Videsh Rovuma (OVRL) and Beas Rovuma Energy Mozambique (BREML), the update said.
The company’s board has approved the receipt of the true-up amount, which is a payment or adjustment made for estimated costs, of up to ₹5082.39 crore. In particular, BREML would incur ₹1,270.62 crore and ₹635.31 crore during 2025-26 and 2026-27, respectively, the company said.
Also Read: ONGC shares may rise up to 50% despite Q4 results missing expectations, analysts say
Shares of Oil and Natural Gas Corporation Ltd ended at ₹240.10, down by ₹0.100, or 0.042%, on the BSE.
