Reliance-BP-ONGC trio strikes big on debut; ONGC corners most OALP-IX blocks, Vedanta grabs 7

In a landmark collaboration, Reliance Industries, BP, and ONGC secured a Gujarat offshore oil block in the OALP-IX bid round. ONGC emerged as the dominant winner, acquiring 15 blocks, while Vedanta secured seven. This round witnessed significant investment commitments and aims to boost India’s oil and gas production, reducing the nation’s reliance on imports.