ONGC and BP Seal Deal for Collaborative Energy Projects

In a significant move to bolster India's energy sector, ONGC, India's flagship explorer, and British energy giant BP plc have inked a Memorandum of Understanding (MoU) to explore joint ventures in oil and gas projects both within India and internationally. This partnership was announced on the eve of the India Energy Week, highlighting a strategic push to attract investments into the country's energy landscape.

This collaboration follows ONGC's recent selection of BP as a technical service provider aimed at enhancing production from the Mumbai High oil and gas field. The MoU, signed in the presence of Oil Minister Hardeep Singh Puri, focuses on exploration, production, trading, and other critical areas of the energy sector. Both companies are eyeing opportunities to bid for offshore acreage under India's Open Acreage Licensing Programme (OALP) rounds, alongside potential ventures in deep-water exploration and the optimization of ONGC's maturing fields.

Moreover, the agreement opens avenues for strategic collaboration in trading and innovative areas such as carbon sequestration, with the MoU set to remain valid for three years. During this period, ONGC and BP will work closely to identify and develop areas of mutual interest, aiming for value creation across the energy spectrum.

"This partnership between ONGC and BP marks a pivotal step towards exploring collaborative opportunities across the energy industry, both in India and globally. Our focus will be on oil and gas exploration and production, trading, and extending our collaboration to other energy vectors," stated a joint announcement from the companies.