ONGC and Oil India Sign JOA for Three Blocks in OALP Round IX

Oil and Natural Gas Corporation Limited (ONGC) and Oil India Limited (OIL) have formally signed a Joint Operating Agreement (JOA) for two onland Blocks and one Ultra Deepwater Block awarded under the Open Acreage Licensing Policy (OALP) Bid Round-IX. The Blocks are located in Meghalaya (Assam Basin), Gujarat (Cambay Basin) and off the eastern coast in the Mahanadi Basin, measuring a total area of approximately 10,964 square kilometres. The consortium, with ONGC designated as the Operator, is set to undertake exploratory activities aimed at assessing and harnessing the hydrocarbon potential of these Indian sedimentary Basins. The signing ceremony was attended by key dignitaries from both companies.