**ONGC and bp Sign MoU for Oil and Gas Collaboration**
New Delhi: Oil and Natural Gas Corp. Ltd (ONGC), a state-run entity, has entered into a memorandum of understanding (MoU) with bp to collaborate on the exploration and production of oil and gas, energy trading, and other sectors within the energy industry, both in India and globally. The MoU was formalized on Monday, just ahead of the India Energy Week 2025.
According to a joint statement from the companies, “bp will work alongside ONGC to jointly explore and assess potential business opportunities in oil and gas projects, both domestically and internationally.”
The collaboration will focus on several key areas, including the exchange of best practices for deep-water exploration, boosting production, and optimizing the management of ONGC’s aging fields. Additionally, the two companies will jointly bid for offshore acreage during India’s Open Acreage Licensing Program (OALP) rounds, in partnership with their respective allies.
This MoU follows ONGC’s recent decision to appoint bp as a technical service provider to enhance output from its flagship Mumbai High oil and gas field. The agreement was signed in the presence of Union Minister of Petroleum and Natural Gas Hardeep Singh Puri, Pankaj Jain, Secretary of the Ministry of Petroleum and Natural Gas, ONGC Chairman and CEO Arun Kumar Singh, and bp’s Executive Vice President William Lin.
On the stock market, ONGC shares closed at ₹242.55 on the BSE, reflecting a decline of 2.59% from the previous trading session. Last month, ONGC reported a 16.7% decrease in its third-quarter net profit, attributed to lower crude oil prices. The standalone net profit for the period of October to December 2024 was ₹8,240 crore, down from ₹9,892 crore during the same timeframe the previous year.
