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Strategic Partnership Aims to Unlock Hydrocarbon Potential of Block GS-OSHP-2022/2 Under India’s Hydrocarbon Exploration and Licensing Policy
Mumbai — In a significant development for India’s energy sector, Reliance Industries Limited (RIL), Oil and Natural Gas Corporation Limited (ONGC), and BP Exploration (Alpha) Limited (BP) have signed a Joint Operating Agreement (JOA) to initiate exploration operations in offshore Block GS-OSHP-2022/2. This block, located in the Saurashtra basin off the western coast of India, was awarded to the consortium under the Hydrocarbon Exploration and Licensing Policy (HELP) of the Government of India.
The agreement solidifies a tripartite collaboration between three major players in the global and Indian energy landscape. It reflects a shared commitment to leveraging advanced technology and operational expertise to boost India’s domestic hydrocarbon production.
Overview of the Block and Strategic Importance
Block GS-OSHP-2022/2 lies in a promising offshore zone of the Saurashtra basin, a region considered underexplored but geologically favorable for hydrocarbon accumulation. The basin has long been on the radar of Indian and international energy companies due to its potential to add significantly to India’s oil and gas reserves.
This collaboration marks an important step in tapping the full energy potential of India’s coastal and offshore assets. The exploration and subsequent development of this block are expected to contribute meaningfully to India’s energy security and help reduce dependence on imported crude oil and natural gas.
Key Stakeholders and Roles
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Reliance Industries Limited (RIL), India’s largest private sector company, brings deep industry knowledge, state-of-the-art technology, and operational efficiency to the project. RIL has been instrumental in reshaping India’s energy ecosystem through its integrated value chain that spans from upstream exploration to downstream retail and refining.
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Oil and Natural Gas Corporation Limited (ONGC) is India’s premier national oil company, with decades of experience in oil and gas exploration both onshore and offshore. ONGC’s participation is crucial to ensuring that the venture is aligned with national energy strategies and regulatory compliance.
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BP Exploration (Alpha) Limited, a subsidiary of the UK-based BP group, adds global expertise in deepwater exploration and project execution. BP has a long-standing presence in India, particularly through its partnership with Reliance in the Krishna-Godavari (KG) basin, and continues to be a valuable foreign investor in India’s energy infrastructure.
The Hydrocarbon Exploration and Licensing Policy (HELP)
The signing of the Joint Operating Agreement is a direct outcome of the Government of India’s HELP framework. Introduced to streamline the licensing regime and promote investor-friendly practices, HELP encourages wider participation in India’s upstream sector by offering single license types, revenue sharing models, and open acreage licensing.
The award of Block GS-OSHP-2022/2 under this policy demonstrates the government’s intent to foster collaboration between domestic and international energy majors while prioritizing resource development in key sedimentary basins.
Significance for India’s Energy Goals
This partnership aligns closely with the Government of India’s vision of becoming energy self-reliant. The combined expertise of RIL, ONGC, and BP ensures that the Block’s resources can be efficiently evaluated and developed. Exploration work is expected to commence soon, with a detailed work plan to be finalized by the consortium in accordance with the terms of the Block award.
The move also supports India’s ambitions under its energy transition roadmap. As the country targets a diversified energy mix — balancing renewables and traditional hydrocarbons — initiatives like this ensure a secure and stable supply of domestic energy in the near and medium term.
About Reliance Industries Limited
Reliance Industries Limited (RIL) is India’s largest private sector corporation with diversified interests across energy, petrochemicals, advanced materials, digital services, and retail. For the fiscal year ended March 31, 2025, RIL reported consolidated revenue of ₹10,71,174 crore (approximately US$125.3 billion) and a net profit of ₹81,309 crore (US$9.5 billion).
Reliance holds a distinguished position in the global corporate arena:
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Ranked 86th in Fortune’s Global 500 list of ‘World’s Largest Companies’ in 2024 — the highest ranking by any Indian private company.
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Ranked 49th in Forbes Global 2000 list of ‘World’s Largest Public Companies’ for 2024 — highest among Indian firms.
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Featured twice in Time Magazine’s list of the ‘100 Most Influential Companies’, making it the only Indian company to receive this recognition twice.
RIL is a pioneer in adopting cutting-edge technologies and building world-class infrastructure. Its commitment to energy innovation, digital transformation, and nation-building continues to define its leadership in multiple sectors.
Looking Ahead
The signing of the Joint Operating Agreement for Block GS-OSHP-2022/2 is expected to catalyze further exploration activity in the region. With comprehensive seismic surveys, geological assessments, and eventual drilling programs on the horizon, the venture marks another chapter in the deepening collaboration between Indian and global energy leaders.
The coming months will be critical as the consortium initiates the preliminary stages of exploration. If successful, discoveries from this Block could significantly augment India’s domestic hydrocarbon reserves and pave the way for future offshore development projects.
#RelianceIndustries #ONGC #BPExploration #SaurashtraBasin #HydrocarbonExploration #IndiaEnergy #EnergySecurity #MakeInIndia #HELPPolicy #OilAndGasIndia #RIL #OffshoreExploration
