April 2007
Upstream Alliance signs MOU with Synttech Group (Russia) in Moscow for geological & geophysical services in India.

April 2007
Approval was received from Punj Lloyd board to create JV subsidiary Punj Lloyd Upstream.

May 2007
Upstream Alliance develops a strategic alliance with Rocksource ASA.

July 2007
Upstream Alliance signs MOU with Nesma Baterjee Group for developing business opportunities in Kingdom of Saudi Arabia.

September 2007
Upstream Alliance forms Shiva Water (Pvt.) Ltd.

January 2008
Rocksource ASA sign Memorandum of Understanding with Oil & Natural Gas Corporation to develop exploration partnerships in the Indian Continental Shelf & Internationally. The two companies share an intention to perform joint exploration activities based on the results of the Rocksource EM technology and integrated prospect evaluation. They will also participate in joint applications for new exploration acreage where EM technology can be applied.

May 2008
Upstream Alliance signs Cooperation Agreement with JSC RITEK (Russian Innovation Fuel & Energy Company), a fully owned subsidiary of OAO Lukoil, Russia’s largest oil company and the world’s 2nd largest oil company in terms of reserves. Ritek is a world leader in IOR/EOR and will develop synergies in India & MENA regions for marginal oilfield development and production optimization technologies.

September 2008
Punj Lloyd Upstream receives a letter of intent from Libya's second largest crude oil producer, Waha Oil Company, for deploying two onshore rigs for $42 million. The contract requires drilling exploratory wells in the Gialo oilfield of the prolific Sirte Basin for Waha Oil Company, which is owned by National Oil Corporation (NOC) in a joint venture with three American companies namely ConocoPhillips, Marathon and Amerada Hess.

September 2008
Rocksource signs an agreement with the Indian state oil company ONGC to farm into 10% of the exploration block CY-DWN-2001/1 located in the Cauvery Basin, offshore south eastern India. The block covers an area of 12,425 km2, which is equivalent in area to approximately 30 exploration blocks on the Norwegian Continental Shelf. The work programme requires three exploration wells to be drilled in the first phase with options to extend into a second and third exploration phase, on success. ONGC is the block operator with Oil India and Brazilian state oil company Petrobras as partners.