New Delhi, July 17 The Oil and Natural Gas Corporation Limited (ONGC) on Thursday signed a strategic memorandum of understanding (MoU) with bp India here, which will unlock new frontiers in India’s hydrocarbon exploration to drive deeper exploration in India’s upstream sector.
The aim is to collaborate on drilling stratigraphic wells in India’s Category II and III offshore sedimentary basins -- Andaman, Mahanadi, Saurashtra, and Bengal, ONGC said in a statement posted on X.
“This partnership will enhance geological understanding and unlock untapped hydrocarbon potential, strengthening India’s long-term energy security,” said the state-run corporation.
The MoU was signed in the presence of Petroleum Minister Hardeep Singh Puri on the sidelines of ‘Urja Varta 2025,’ reaffirming the government’s commitment to deepen global collaboration in India’s energy journey.
“Global expertise meets national ambition, powering the path to Atmanirbhar Bharat,” said ONGC.
This collaboration is another step towards energy security and discovery of untapped reserves, said bp India.
“We are excited to underpin our existing alliance with ONGC in this project of national and strategic significance. We believe drilling of new stratigraphic wells will be very valuable and can lead to a new understanding and potential. bp’s experience in deep water exploration supported by new seismic technologies would be of great assistance during the evaluation and subsequent drilling of stratigraphic wells,” said Kartikeya Dube, Head of Country, bp India.
At the event, Minister Puri said that he expects the new round of hydrocarbon exploration being launched in India to strike several big Guyana-sized oilfields, particularly in the Andaman Sea.
“We are working on areas of good quality data availability for explorers, financial incentives, stable regulatory framework, derisking investments and ease of doing business to make India the next global frontier for oil and gas E&P (exploration and production),” Puri remarked.
'Urja Varta 2025' aims to become a critical platform for shaping the future of India’s energy landscape and reinforcing the country’s commitment to sustainability and innovation in the energy domain.
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