Reliance, BP, and ONGC Join Forces in Breakthrough Offshore Oil Deal Under OALP-IX

In a landmark collaboration, Reliance Industries, UK-based BP, and India’s state-owned ONGC have secured a significant offshore block: GS-OSHP-2022/2 in the Saurashtra Basin, under the ninth round of the Open Acreage Licensing Policy (OALP-IX). This marks the first time the three energy giants have partnered for any venture.

The OALP-IX round offered 28 blocks across 1.36 lakh sq km, drawing strong participation from public and private players. ONGC emerged as the dominant bidder, bagging 15 blocks, 11 independently and 4 in partnerships. Meanwhile, Vedanta Ltd, which bid for all 28 blocks, secured seven. Oil India Ltd won six blocks solo and three in collaboration with ONGC.

The Reliance-BP-ONGC trio represents a powerful mix of national expertise, global capabilities, and private-sector agility, highlighted as a key stride in India’s quest for energy security. Oil Minister Hardeep Singh Puri oversaw the contract signings at a ceremonial event.

The government aims to boost domestic production and reduce its $222 billion import bill by expanding exploration acreage through the OALP model. The upcoming OALP-X round, the largest yet with 25 blocks, closes on July 31, 2025.