ONGC and bp sign a strategic agreement for oil exploration

ONGC and bp have signed a memorandum of understanding to jointly explore opportunities in oil exploration, production, and trading. This three-year agreement aims to optimize mature fields and strengthen their presence in offshore bidding rounds in India.

Share:

India’s energy sector could see a significant shift following the announcement of a strategic partnership between Oil and Natural Gas Corporation Limited (ONGC) and bp. The two companies have signed a memorandum of understanding (MoU) to explore cooperation opportunities in oil and gas exploration and production, as well as in energy trading.

A strategic three-year agreement

The agreement was signed in New Delhi on February 10, 2025, during India Energy Week, in the presence of India’s Minister of Petroleum and Natural Gas, Shri Hardeep Singh Puri. The goal is to strengthen synergies between the two groups, both in the domestic market and internationally.

The collaboration will include the joint evaluation of exploration and production projects, with a particular focus on deep-water operations and the optimization of ONGC’s mature oil fields. These efforts aim to maximize the profitability of existing assets and enhance the technological expertise of both companies.

Participation in offshore bidding rounds

ONGC and bp plan to jointly bid in upcoming offshore oil block auctions organized by the Indian government under the Open Acreage Licensing Program (OALP). This initiative will allow them to access new reserves and secure additional resources for their long-term operations.

An expanded partnership in energy trading

Beyond exploration and production, the agreement includes strategic cooperation in oil and gas trading. The objective is to optimize hydrocarbon commercialization based on market dynamics. Discussions also extend to initiatives in other energy sectors, including carbon capture and storage.

The agreement signed between ONGC and bp reflects the commitment of both entities to accelerate development in strategic segments while leveraging their respective expertise.

The expansion of the global oil and gas fishing market is accelerating on the back of offshore projects, with annual growth estimated at 5.7% according to The Insight Partners.
The Competition Bureau has required Schlumberger to divest major assets to finalise the acquisition of ChampionX, thereby reducing the risks of market concentration in Canada’s oilfield services sector. —
Saturn Oil & Gas Inc. confirms the acquisition of 1,608,182 common shares for a total amount of USD3.46mn, as part of its public buyback offer in Canada, resulting in a reduction of its free float.
OPEC slightly adjusts its production forecasts for 2025-2026 while projecting stable global demand growth, leaving OPEC+ significant room to increase supply without destabilizing global oil markets.
Talks between European Union member states stall on the adoption of the eighteenth sanctions package targeting Russian oil, due to ongoing disagreements over the proposed price ceiling.
Three new oil fields in Iraqi Kurdistan have been targeted by explosive drones, bringing the number of affected sites in this strategic region to five in one week, according to local authorities.
An explosion at 07:00 at an HKN Energy facility forced ShaMaran Petroleum to shut the Sarsang field while an inquiry determines damage and the impact on regional exports.
The Canadian producer issues USD 237 mn in senior notes at 6.875 % to repay bank debt, repurchase USD 73 mn of 2027 notes and push most of its maturity schedule to 2030.
BP revised upwards its production forecast for the second quarter of 2025, citing stronger-than-expected results from its US shale unit. However, lower oil prices and refinery maintenance shutdowns weighed on overall results.
Belgrade is engaged in complex negotiations with Washington to obtain a fifth extension of sanctions relief for the Serbian oil company NIS, which is majority-owned by Russian groups.
European Union ambassadors are close to reaching an agreement on a new sanctions package aimed at reducing the Russian oil price cap, with measures impacting several energy and financial sectors.
Backbone Infrastructure Nigeria Limited is investing $15bn to develop a 500,000-barrel-per-day oil refinery in Ondo State, a major project aimed at boosting Nigeria’s refining capacity.
The Central Energy Fund’s takeover of the Sapref refinery introduces major financial risks for South Africa, with the facility still offline and no clear restart strategy released so far.
PetroTal Corp. records production growth in the second quarter of 2025, improves its cash position and continues replacing key equipment at its main oil sites in Peru.
An explosion caused by a homemade explosive device in northeastern Colombia has forced Cenit, a subsidiary of Ecopetrol, to temporarily suspend operations on the strategic Caño Limón-Coveñas pipeline, crucial to the country's oil supply.
U.S. legislation eases access to federal lands for oil production, but fluctuations in crude prices may limit concrete impacts on investment and medium-term production, according to industry experts.
Permex Petroleum Corporation has completed a US$2mn fundraising by issuing convertible debentures, aimed at strengthening its cash position, without using intermediaries, and targeting a single institutional investor.
Petróleos de Venezuela S.A. (PDVSA) recorded $17.52bn in export sales in 2024, benefiting from increased volumes due to U.S. licences granted to foreign partners, according to an internal document seen by Reuters.
The detection of zinc in Mars crude extracted off the coast of Louisiana forced the US government to draw on its strategic reserves to support Gulf Coast refineries.
Commissioning of a 1.2-million-ton hydrocracking unit at the TANECO site confirms the industrial expansion of the complex and its ability to diversify refined fuel production.