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News Topical, Digital Desk : State-owned Oil and Natural Gas Corporation Limited (ONGC), BP Exploration (Alpha) Ltd and Reliance Industries Limited (RIL) on Monday, July 28, 2025 said they have entered into a Joint Operating Agreement (JOA) for offshore exploration of block GS-OSHP-2022/2 in the Saurashtra Basin. The block was awarded in the ninth bid of the Open Acreage Licensing Policy (OALP).
The agreement between these companies was signed on 28 July 2025 at ONGC's Deendayal Energy Bhawan in New Delhi. The block is located in the Saurashtra Basin on the west coast and has an area of about 5,454 square kilometers. It comes under Category-II basin.
ONGC has been appointed as the operator of this block. Now it will start exploration activities to assess the possibilities of hydrocarbons in this zone and extract it.
Investment in Mozambique project Last week, ONGC said in a stock exchange filing that it has approved a true-up amount of up to Rs 5,082 crore during the financial year 2026-27 in the Area 1 LNG project of Mozambique by ONGC Videsh's subsidiaries. ONGC Videsh has a 16% stake in the Area 1 Mozambique project, which is managed through its subsidiaries—ONGC Videsh Rovuma (OVRL) and Beas Rovuma Energy Mozambique (BREML). The board has approved a true-up amount of up to Rs 5,082.39 crore, which is a payment or adjustment for estimated costs. Specifically, BREML will spend Rs 1,270.62 crore in 2025-26 and Rs 635.31 crore in 2026-27.
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