SAM advises ONGC on Joint Operating Agreement with Reliance Industries and BP Exploration

Shardul Amarchand Mangaldas & Co has advised to Oil and Natural Gas Corporation (ONGC) in connection with the Joint Operating Agreement entered into with Reliance Industries Limited and BP Exploration (Alpha) Limited for the offshore exploration of Block GS‑OSHP‑2022/2 in the Saurashtra Basin.

The transaction team was led by V.R. Neelakantan (Partner), Varnika Mohan (Principal Associate), Rudra Shankar (Senior Associate), Siddharth Jain (Senior Associate) and Manmay Mridul (Senior Associate).

The Joint Operating Agreement marks a major step in unlocking the hydrocarbon potential of the 5,454 sq. km Category‑II offshore block, awarded under the Open Acreage Licensing Policy (OALP) Bid Round‑IX. Operated by ONGC with a 40% participating interest, the consortium will leverage advanced exploration technologies and deepwater expertise to accelerate India’s offshore energy development. The agreement also incorporates innovative provisions on insurance and risk‑sharing, paving the way for smoother project execution while reinforcing India’s drive towards energy security and strategic resource self‑reliance.

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