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.

Notes to editors:

Oil and Natural Gas Corporation Limited (ONGC):

Having discovered seven out of the eight producing basins of India, ONGC has the largest exploration acreage in the country and is the holder of the largest mining license in India. ONGC has steadfastly maintained a Reserve Replenishment Ratio (RRR) of more than one (2P reserves) for the last ten years. ONGC produces 63 percent of the India ’s Oil & Natural Gas. ONGC has a unique distinction of being a company with in-house service capabilities in all areas of exploration and production of oil and gas and related oil-field services.

bp in India:

With a century-long business presence in India, bp is one of the largest international energy companies in the country. In addition to their gas value chain partnership, bp and RIL have also joined hands to create a major retail, aviation fuels and mobility alliance, Jio-bp. bp’s activities in India also include Castrol lubricants, oil and gas trading, low carbon energy projects through Lightsource bp, IT back office activities, a new global business services center, staffing and training for the global bp marine fleet, and the recruitment of skilled Indian employees for bp’s global businesses.

Jointly issued by: