Shardul Amarchand Mangaldas & Co. acted as the legal advisor to Oil and Natural Gas Corporation (ONGC) in connection with the Joint Operating Agreement (“JOA”) entered into with Reliance Industries Limited and BP Exploration (Alpha) Limited for the offshore exploration of Block GS-OSHP-2022/2 in the Saurashtra Basin. The deal was signed on 28 July 2025.
The JOA marks a major step in unlocking the hydrocarbon potential of the 5,454 sq. km Category-II offshore block, awarded under the Open Acreage Licensing Policy (OALP) Bid Round-IX. Operated by ONGC with a 40% participating interest, the consortium will leverage advanced exploration technologies and deepwater expertise to accelerate India’s offshore energy development. The agreement also incorporates innovative provisions on insurance and risk-sharing, paving the way for smoother project execution while reinforcing India’s drive towards energy security and strategic resource self-reliance.
The transaction team was led by VR Neelakantan, Partner; Varnika Mohan, Principal Associate; Rudra Shankar, Senior Associate; Siddharth Jain, Senior Associate and Manmay Mridul, Senior Associate.
