ONGC and Reliance on Tuesday signed licence agreements for oil and gas blocks awarded to them by the government under the third round of the New Exploration Licensing Policy.
While Oil and Natural Gas Corporation signed production sharing contract for 13 blocks, Reliance, in consortium with UK-based Hardy Oil, inked agreements for nine blocks including seven deepwater blocks.
The minimum committed investment in the first exploratory phase in 23 blocks would be around $415 million, Petroleum Minister Ram Naik said.
A total of $1.05 billion has been committed in three phases of exploration and production in all the 23 blocks, he added.
The fourth round of NELP would be announced by the first week of April, Naik said.
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