New Delhi: State-run Oil and Natural Gas Corp. Ltd (ONGC) has signed a memorandum of understanding (MoU) with bp for collaboration in exploration and production of oil and gas, energy trading and other segments in the energy business both in India and internationally.
The MoU was signed on Monday on the eve of the India Energy Week 2025.
“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,” said a joint statement from the companies.
The specific areas of cooperation will include sharing best practices for deep-water exploration, enhancing production and optimizing the management of ONGC’s maturing fields, and jointly bidding for offshore acreage under India’s Open Acreage Licensing Program (OALP) rounds along with their respective partners.
The MoU comes within a month of ONGC selecting bp as a technical service provider for raising output from its flagship Mumbai high oil and gas field.
The MoU was signed in the presence of Union minister of petroleum and natural gas Hardeep Singh Puri; Pankaj Jain, secretary, ministry of petroleum and natural gas; ONGC chairman and chief executive officer Arun Kumar Singh and bp’s executive vice president William Lin.
Shares of ONGC on Monday closed at ₹242.55 on the BSE, lower by 2.59% from its previous close.
Last month, ONGC reported a 16.7% drop in its third-quarter net profit amidst lower rates for crude. Its standalone net profit was at ₹8,240 crore in October-December 2024, compared with ₹9,892 crore in the same period a year back.