Adani Welspun Exploration

What Adani Welspun Exploration does

Adani Welspun Exploration Limited (AWEL) is a privately held joint venture between Adani Group (65%, via Adani Enterprises Limited) and Welspun Group (35%, via Welspun Enterprises Limited), focused on upstream oil and gas exploration and production in India's Western Offshore basins. AWEL operates a portfolio of three offshore blocks covering approximately 1,245 sq km: the B-9 Block (MB/OSDSF/B9/2016) and the Mumbai Offshore Block (MB-OSN-2005/2), both held at 100% participating interest in the Tapti-Daman sector of the Mumbai Offshore Basin, and the Kutch Block (GK-OSN-2009/1) in the Gulf of Kutch where ONGC operates with 50% PI alongside IOC (25%) and AWEL (25%).

AWEL's core activity is the exploration, appraisal, and field development of primarily natural gas resources, with a stated target to achieve first gas production by 2026-27 through fast-track development of the B-9 field and the MB Discovery Area. The technology stack is conventional offshore E&P, comprising MODU jack-up rig drilling, well control, completion operations, and field development planning, with no disclosed proprietary AI/ML or software layer. The asset base includes two gas discoveries and one oil discovery in the B-9 Block, gas discoveries in multiple zones in the Mumbai Offshore Block, and gas discoveries at multiple levels in the Kutch Block, providing a pipeline of future production. AWEL also has historical international exploration exposure in Thailand (on-shore) and Egypt (offshore Gulf of Suez).

The business model is upstream hydrocarbon production, with revenue expected to derive from the sale of produced natural gas and oil through India's national gas transmission and distribution infrastructure to industrial and downstream consumers. AWEL has no current production and is therefore pre-revenue, funded indirectly through its listed parent companies. The GTM motion is enterprise/B2B, leveraging relationships with government agencies (DGH/MoPNG), national oil companies (ONGC, IOC), regulators, and service providers, with planned offtake into India's gas pipeline network and downstream buyers such as IOCL.

Name

Adani Welspun Exploration

Legal name

Adani Welspun Exploration Limited

Website

https://adaniwelspun.com

Company type

Private

Operating status

Operating

Headcount range

11–50 employees

Short description

Adani Welspun Exploration Limited is a private JV (Adani 65% / Welspun 35%) operating three offshore oil and gas blocks (~1,245 sq km) in India's Mumbai Offshore Basin and Gulf of Kutch, targeting first gas production by 2026-27 through fast-track development of discovered gas resources for sale into India's domestic gas market.

Ownership category

akta.pro rank

Product category

Upstream Oil and Gas Exploration

NAICS

Oil and Gas Extraction (2111), Crude Petroleum Extraction (21112), Support Activities for Mining (213)

SIC

Crude Petroleum & Natural Gas (1311), Oil & Gas Field Exploration Services (1382), Oil & Gas Field Services, Nec (1389)

akta.pro primary industry

Drilling & Well Construction (Rig Ops, Directional, Casing, Cementing) (EUAAAAAI)

akta.pro secondary industries

Drilling & Well Construction (E&P Operator-led) (EUALAAAD), Production Operations & Well Optimization (Artificial Lift, Flow Assurance) (EUALAAAF)

Keywords

• Offshore gas exploration
• Oil and gas production
• Upstream hydrocarbon exploration
• Offshore asset development
• Natural gas exploration

Headquarters

HQ city

Mumbai

HQ country

India

HQ region

Asia

Offices4 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Operations, Personnel, Infrastructure, Technology or R&D, Marketing or Sales

Revenue model

1. Oil and Gas Production Revenue: Revenue generated from production and sale of natural gas and oil extracted from operated and non-operated assets in Mumbai Offshore Basin and Gulf of Kutch. AWEL holds 100% participating interest in Mumbai Offshore Block (MB-OSN-2005/2) and B-9 Block, and 25% PI in Kutch Block (GK-OSN-2009/1).

Go-to-market motion1 record

Distribution channels1 record

Marketing channels2 records

Core offering

Adani Welspun Exploration Limited (AWEL) is an upstream oil and gas exploration and production company operating offshore acreages in India's Western Offshore basins. The company holds participating interests in three offshore blocks—B-9 Block (100% PI), Mumbai Offshore Block (100% PI), and Kutch Block (25% PI)—focused primarily on natural gas exploration, appraisal, and fast-track development. AWEL targets first gas production by 2026-27 from these discovered hydrocarbon resources.

Product overview

Adani Welspun Exploration Limited (AWEL) is an upstream oil and gas company operating a portfolio of offshore exploration and development assets. The company operates through three main assets: the B-9 Block (offshore gas development with 100% PI), the Mumbai Offshore Block (offshore gas exploration with 100% PI), and the Kutch Block (offshore gas exploration with 25% PI operated by ONGC). AWEL is focused primarily on natural gas exploration and development in India's Western Offshore basins, targeting early monetization through fast-track development of discoveries.

Differentiator

Problem solved

Functional benefit

Products and services

• B-9 Block Offshore development project in the Mumbai Offshore Basin consisting of B-9 (Gas) and BRC (Oil) fields. AWEL holds 100% participating interest covering 138 Sq. Km (B-9) and 22 Sq. Km (BRC). Contains two gas discoveries and one oil discovery. Current activity focused on field development planning.
• Mumbai Offshore Block Offshore exploration block in the Mumbai Offshore Basin (NELP VII Round). AWEL holds 100% participating interest over 706 Sq. Km. Contains a gas discovery in multiple zones made in 2021. Current activity in appraisal and fast-track development of the discovery.

Quantifiable outcome

• Target first gas production by 2026-27
• +1 more outcomes

Segments1 record

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Partnerships

Two partnerships are on record, tiered core.

• Oil and Natural Gas Corporation (ONGC)coreStrategic or Co-development PartnerONGC is the operator of Kutch Block (GK-OSN-2009/1) with 50% participating interest. ONGC has submitted Declaration of Commerciality (DoC) to MoPNG/DGH and is developing Field Development Plan options. AWEL holds 25% PI in this block.
• Indian Oil Corporation Limited (IOC)coreStrategic or Co-development PartnerIOC holds 25% participating interest in Kutch Block (GK-OSN-2009/1) alongside ONGC (50%) and AWEL (25%). IOC is India's largest commercial oil company and a key downstream player.

Scale indicators5 records

Recent moves1 record

Expansion highlights5 records

Direct peers

• Hindustan Oil Exploration Company (HOEC): Small-cap Indian independent E&P with offshore and onshore producing gas assets. Comparable as a focused Indian upstream gas operator with similar asset scale and pre-production-to-production transition profile.
• Oil India Limited: Public-sector upstream E&P company with significant Indian offshore and onshore acreage. Comparable as a domestic operator developing discovered hydrocarbon resources through field development planning cycles.
• Selan Exploration Technology: Indian independent listed E&P focused on reviving and developing discovered Indian oil and gas fields. Comparable as a domestic pre-production-to-production Indian gas developer with concentrated acreage.
• Oil and Natural Gas Corporation (ONGC): India's state-owned upstream E&P champion and the operator of AWEL's Kutch Block (50% PI). Directly comparable as an offshore Indian basin operator pursuing gas-weighted exploration and development.
• Reliance Industries (KG-D6): Operates India's flagship private-sector deepwater gas production complex (KG-D6) on the east coast. Comparable as a private Indian upstream gas developer with multiple offshore discoveries moving toward monetisation.
• Jindal Drilling & Exploration: Listed Indian E&P and drilling services company with offshore gas exploration interests. Comparable as an Indian upstream participant active in offshore gas development and operator-style acreage positions.
• Vedanta Limited (Cairn India E&P): Operates the Rajasthan block and other Indian E&P assets via the former Cairn India. Comparable as a large private-sector Indian upstream E&P with a mix of producing and development assets.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights6 records

Customer concentration

Revenue estimate

Valuation estimate

Number of profiles

Profiles1 record

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Adani Welspun Exploration