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Three major companies Oil and Natural Gas Corporation Limited (ONGC) BP Exploration (Alpha) Ltd and Reliance Industries Limited (RIL) on July 28 announced that they have signed a Joint Operating Agreement (JOA) to explore oil and gas in an offshore area of the Saurashtra Basin. This agreement is for Block GS-OSHP-2022/2 which was awarded under the 9th round of the Open Acreage Licensing Policy (OALP). The signing took place in New Delhi at ONGC’s Deendayal Urja Bhawan on July 28 2025. This block is located off the western coast of India in the Saurashtra Basin and covers an area of around 5454 square kilometers. It falls under a Category-II basin which means it has promising potential for oil and gas. As part of the agreement ONGC has been named the operator of the block. The company will now begin exploration work in the area to check for hydrocarbon reserves (like oil and natural gas) and evaluate the possibility of future production. Investment in Mozambique Project Last week ONGC shared in a stock exchange filing that it has approved a funding of up to Rs. 5082 crore for the Area 1 LNG project in Mozambique during the financial year 2026–27. This investment will be made through ONGC Videsh’s subsidiaries. ONGC Videsh holds a 16 per cent stake in the Area 1 project in Mozambique. This stake is managed through its two subsidiaries  ONGC Videsh Rovuma (OVRL) and Beas Rovuma Energy Mozambique (BREML). The company’s board has approved this Rs. 5082.39 crore “true-up” amount which is meant to cover or adjust for estimated costs related to the project. Out of this BREML will spend Rs. 1270.62 crore in 2025–26 and Rs. 635.31 crore in 2026–27.