Oil and Natural Gas Corporation Ltd (ONGC) has signed a contract with BP p.l.c which will serve as the Technical Services Provider (TSP) for the Mumbai High field, India’s largest and most prolific offshore oil field.
ONGC will retain ownership and operational control of the field. Under the terms of the contract, bp p.l.c. will receive a fixed fee for two years for its deployed personnel, followed by a service fee linked to incremental oil and gas production, ONGC said.
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bp p.l.c. will work in close collaboration with ONGC to stabilize the field’s current production decline and restore it to a robust growth trajectory, it said.
bp p.l.c. will assemble a team of technical experts to commence work by March 2025. In support of this initiative, both companies have already established a Senior Management Team and a Joint Management Team to ensure seamless project execution.
Arun Kumar Singh, Chairman and CEO, ONGC, said “By engaging a TSP ONGC aims to realize the enhanced potential of the Mumbai High field by leveraging cutting-edge technologies and global best practices, securing its future contribution to India’s energy landscape.”
Published - February 11, 2025 10:31 am IST
