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ONGC-RIL-BP Win Oil Block Bid
In a major boost to India’s energy sector, the ONGC-Reliance-BP consortium has successfully acquired the GS-OSHP-2022/2 offshore oil exploration block located in Gujarat’s resource-rich Saurashtra Basin. This strategic win took place under the ninth round of India’s Open Acreage Licensing Policy (OALP), aimed at enhancing domestic oil production.
As per the partnership terms, Oil and Natural Gas Corporation (ONGC) will hold a 40% operational stake in the block, while Reliance Industries and British energy giant BP will each maintain a 30% share. The collaboration is expected to accelerate offshore exploration, drive local job creation, and contribute significantly to India’s energy independence roadmap.
This milestone further strengthens Gujarat’s position as a key hub for India’s petroleum and natural gas development.
