ONGC, BP Consider Joint Bid for Upcoming OALP Rounds.

State-run Oil and Natural Gas Corporation (ONGC) has signed a memorandum of understanding (MoU) with British energy major BP to explore collaboration in exploration and production (E&P) in India and internationally. The agreement includes jointly bidding for offshore acreage under India’s Open Acreage Licensing Program (OALP) rounds.

Announced recently ahead of India Energy Week, the partnership aims to identify opportunities across the energy sector, spanning oil and gas E&P, trading, and emerging energy solutions.

Under the MoU, BP will work with ONGC to assess potential business ventures in upstream projects, focusing on deep-water exploration and optimizing production from ONGC’s maturing fields. Additionally, both companies will collaborate on joint bids for offshore blocks in OALP rounds alongside their respective partners.

The agreement also covers strategic cooperation in energy trading and new energy vectors, such as carbon sequestration.

Valid for three years, the MoU sets the stage for ONGC and BP to enhance their technical expertise and expand their footprint in the global energy market.

HBL