DK Business Network
Shardul Amarchand Mangaldas & Co help Oil and Natural Gas Corporation on a crucial Joint Operating Agreement with BP Exploration (Alpha) Limited and Reliance Industries Limited. This agreement belongs to the offshore exploration of Block GS-OSHP-2022/2, which is situated in the Saurashtra Basin of India.
The transaction team of Shardul Amarchand Mangaldas & Co was led by Partner V.R. Neelakantan, supported by Principal Associate Varnika Mohan & Senior Associates Siddharth Jain, Rudra Shankar, Manmay Mridul.
The Joint Operating Agreement represents a key progress in release the hydrocarbon potential of the expansive 5,454 square kilometers of Category-II offshore block, which was awarded during the Open Acreage Licensing Policy (OALP) Bid Round-IX. ONGC holds a 40% participating interest. The consortium is assured to use cutting-edge exploration technologies & leverage deepwater expertise to expand the development of India’s offshore energy resources.
This collaboration marks a significant step & agree with India’s overall goal to improve energy security & achieving greater self-reliance in resource management.
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