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ONGC confirmed in September its engagement of BP technical specialists to accelerate Krishna-Godavari basin development. The partnership addresses persistent challenges in India’s most promising offshore region, where complex deepwater reservoirs have frustrated domestic expertise. Production delays have broader implications for India’s energy security. Domestic crude output declined to 20.7mn tonnes in FY2024 from 25mn tonnes a decade earlier, while natural gas production stagnates despite growing demand. Import bills exceed $175bn annually for crude oil alone. BP’s involvement brings North Sea and Gulf of Mexico experience to deepwater drilling and reservoir management. The collaboration follows similar arrangements with ExxonMobil and other international majors as ONGC acknowledge...

India’s growing dependence on imported crude oil has become a defining challenge for its economy. The country now imports nearly 85% of its oil requirements, creating a $220bn annual burden. Against this backdrop, three very different players — ONGC (Oil and Natural Gas Corporation), Reliance Industries Ltd (RIL) and BP Exploration — have joined forces in a new consortium to explore the Saurashtra basin offshore block. The partnership, under the government’s Open Acreage Licensing Policy (OALP-IX), will focus on Block GS-OSHP-2022/2 off the coast of Gujarat. ONGC will serve as the operator with a 40 per cent stake, while Reliance and BP each hold 30 per cent. The project has been billed by the Ministry of Petroleum as a strategic collaboration to enhance India’s energy security. Join...

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ONGC Leans on BP to Unlock Gas Reserves

India’s Offshore Gamble: ONGC, Reliance and BP Unite in Saurashtra