Joint Venture12 Aug 2025, 09:12 pm
Oil India Ltd and ONGC Sign JOA for Three OALP-IX Blocks, Opening New Exploration Opportunities
AI Summary
Oil India Ltd (OIL) and Oil & Natural Gas Corporation Ltd (ONGC) have entered into a Joint Operating Agreement (JOA) for Exploration Blocks MN-UDWHP-2023/1, CB-ONHP-2022/2, and AS-ONHP-2022/2, awarded under OALP Bid Round- IX. The blocks cover an area of around 10,965 sq. km. The MN-UDWHP-2023/1 block is located in the Ultradeep waters of Bay of Bengal, while the AS-ONHP-2022/2 block is located in the south-west of Meghalaya, Assam Shelf Basin. The signing ceremony took place on 12th August, 2025, at Deendayal Upadhyay Urja Bhavan, Vasant Kunj, New Delhi.
Key Highlights
- OIL and ONGC signed a JOA for three OALP-IX blocks covering an area of around 10,965 sq. km.
- Block MN-UDWHP-2023/1 is located in the Ultradeep waters of Bay of Bengal, while block AS-ONHP-2022/2 is located in the Assam Shelf Basin.
- The collaboration is a significant landmark, reflecting a strong synergy between the two National Oil Companies.
- The venture aims to drive the collective pursuit of hydrocarbon exploration and sustainable growth to meet the energy security of the country.