State-owned ONGC announced on Monday that BP, a technical services provider (TSP), will be commencing work to enhance production at Mumbai High, the largest offshore oil field in India.
The contract was signed on Monday, with BP set to deploy a team of technical experts by March 2025. The collaboration aims to increase production from the aging oil and gas field.
Under the agreement, BP will receive a fixed fee for two years for its personnel, followed by a service fee tied to incremental production. ONGC will maintain ownership and operational control of the field throughout the partnership.
BP will collaborate closely with ONGC to stabilize the field’s current production decline and propel it towards a growth trajectory. The partnership will leverage BP’s expertise in managing mature reservoirs and implementing advanced recovery technologies.
The alliance is expected to significantly boost domestic oil and gas production, generating higher revenue for ONGC and benefiting the people of India. The unique collaboration will combine ONGC’s field ownership with BP’s technological expertise to optimize production at Mumbai High.
Oil Minister H S Puri expressed confidence in the partnership, highlighting BP’s experience in managing complex reservoirs. Oil Secretary Pankaj Jain emphasized the strategic engagement as a key step in adopting global best practices and cutting-edge technologies to maximize production at Mumbai High.
The collaboration between ONGC and BP is set to transform production capabilities at Mumbai High, ensuring long-term benefits for both companies and the nation as a whole.
