New Delhi, Jul 29 (PTI) Reliance Industries Ltd has entered into a joint operating agreement with state-owned Oil and Natural Gas Corporation (ONGC) and BP Exploration for a Saurashtra basin oil and gas exploration block, the firm said on Tuesday.

The three firms had, for the first time, come together to bid for an area for finding and producing oil and gas in offshore exploration of Block GS-OSHP-2022/2 in the 9th bid round of Open Acreage Licensing Policy (OALP) last year.

Also Read | Independence Day 2025 Date and Day: Is 15th August a Bank Holiday? Will Schools and Stock Market Remain Open or Closed on Friday, August 15? FAQs on 79th Independence Day Answered.

The block, located off the western coast in the Saurashtra Basin, spans an area of 5,454 square kilometres and is classified under Category-II basins. The consortium, with ONGC designated as the operator, will undertake exploratory activities aimed at assessing and harnessing the hydrocarbon potential of the region.

"Reliance has entered into a joint operating agreement with ONGC and BP Exploration (Alpha) Limited (BP) for the exploration Block GS-OSHP-2022/2," the firm said in a statement. "This Block is located off the western coast in Saurashtra basin and was awarded to RIL, ONGC and BP as part of Hydrocarbon Exploration and Licensing Policy. Parties will pursue exploration operation in the Block pursuant to the terms of award of the Block."

Also Read | New UPI Rules 2025: NPCI Issues Fresh Guidelines to Limit Balance Checks, Auto-Pay Timings and More From August 1.

The agreement was signed on July 28 at ONGC's office.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)