Oil and Natural Gas Corporation Limited (ONGC) and bp have agreed to explore opportunities for collaboration and partnership across the energy industry in India and internationally, focused on oil and gas exploration and production, as well as trading and extending to other energy vectors.
The two companies signed a memorandum of understanding (MoU) on 10 February 2025 in New Delhi, on the eve of India Energy Week, the premier energy event in India.
The signing ceremony was attended by the Honourable Minister of Petroleum and Natural Gas, Shri Hardeep Singh Puri; Secretary, Ministry of Petroleum and Natural Gas, Government of India, Shri Pankaj Jain; ONGC’s Chairman and CEO, Shri Arun Kumar Singh; and bp’s Executive Vice President, William Lin, along with senior leadership from both organizations.
Under the terms of the MoU, bp will collaborate with ONGC to jointly explore and evaluate potential business opportunities in oil and gas projects both within India and internationally.
Specific areas of cooperation will include:
- to explore potential collaboration and share best practices for deep-water exploration;
- to enhance production and optimize the management of ONGC’s maturing fields; and
- to jointly bid for mutually agreed offshore acreage under India’s Open Acreage Licensing Program (OALP) rounds in partnership with their respective partners.
The MoU further encompasses strategic collaboration to create value in trading and in additional energy vectors, such as carbon sequestration.
The MoU is valid for three years, during which both parties will work together in the identified areas of collaboration.
