BILKULONLINE | Ahmedabad | 29 July 2025
In a major development for India’s energy sector, Reliance Industries Limited (RIL) has signed a Joint Operating Agreement with Oil and Natural Gas Corporation Limited (ONGC) and BP Exploration (Alpha) Limited (BP) for the exploration of offshore Block GS-OSHP-2022/2. The move marks a significant step in advancing hydrocarbon exploration in the Saurashtra basin off India’s western coast.
Awarded under the Hydrocarbon Exploration and Licensing Policy (HELP), the Block GS-OSHP-2022/2 will now be the site of joint exploration operations carried out by the trio of energy giants. The agreement reflects India’s broader push to boost domestic oil and gas production and reduce import dependency.
The collaboration brings together RIL’s integrated energy infrastructure, ONGC’s upstream expertise, and BP’s global technological capabilities, setting the stage for enhanced exploration outcomes in the region.
Reliance’s Expanding Energy Footprint
This agreement reinforces Reliance’s leadership in India’s energy landscape. For the fiscal year ended March 31, 2025, RIL reported consolidated revenues of ₹10.71 lakh crore (US$125.3 billion) and a net profit of ₹81,309 crore (US$9.5 billion). Its operations span hydrocarbon exploration and production, refining, petrochemicals, advanced materials, renewable energy, retail, and digital services.
Reliance continues to be the highest-ranked Indian company on the Fortune Global 500 list (86th in 2024) and leads the nation in the Forbes Global 2000 rankings (49th in 2024). It remains the only Indian company featured twice in Time magazine’s “100 Most Influential Companies” list.
Strategic Energy Collaboration
Industry experts view this agreement as a forward-looking step, potentially opening new avenues in offshore resource development. With India’s energy demand poised to grow, such collaborations are expected to play a key role in ensuring energy security and economic growth.