Oil India (OIL) and Oil & Natural Gas Corporation (ONGC) have entered into a Joint Operating Agreement (JOA) for Exploration Blocks MN-UDWHP2023/1, CB-ONHP-2022/2, and AS-ONHP-2022/2, awarded under OALP Bid Round-IX, covering an area of around 10,965 sq. km. The Block MN-UDWHP-2023/1 in Mahanadi Basin is located in the Ultradeep waters of Bay of Bengal with bathymetry beyond 2500 m isobath, whereas block AS-ONHP-2022/2 is located in the south-west of Meghalaya, one of the most challenging region of Assam Shelf Basin and shall open up new exploration opportunities in the hydrocarbon landscape.
This collaboration endeavour marks a momentous landmark, reflecting a strong synergy between the two National Oil Companies to drive the collective pursuit of hydrocarbon exploration and sustainable growth to meet the energy security of the country.
Oil India, a navratna company, is Asia's oldest and biggest pioneer oil exploration and Production Company.
