Mumbai High Field’s production will be increased by 60%, ONGC made a big deal with bp

The country’s state-owned oil and gas company ONGC (Oil and Natural Gas Corporation) has taken a big step to increase oil and gas production. The company has signed a contract with global oil company BP to increase production from its flagship Mumbai High oil and gas field by 60 percent in the next decade. Both the companies said in a statement, BP will be the technical service provider (TSP) for India’s largest and most producing offshore oil field Mumbai High field. It said, “ONGC will retain ownership and operational control of the field.

Increase in production will lead to revenue gains of US $ 10.3 billion

Under the terms of the contract, BP will receive a fixed fee for its deployed employees for a period of two years. Thereafter, a service charge will also be given linked to incremental oil and gas production. BP will work closely with ONGC to stabilize the current production decline of the field and put it back on a strong growth path. ONGC had said last month that the deal with BP will lead to revenue gains of US $ 10.3 billion from increased oil and gas production.

BP will use international experience and technology expertise

ONGC Chairman and CEO Arun Kumar Singh said, “By joining forces with BP, ONGC aims to exploit the increased potential of Mumbai High Field by taking advantage of cutting-edge technology and global best practices. Along with this, it is also to ensure its future contribution to India’s energy scenario. ” Kartikeya Dubey, ‘Country Head’ and Chairman of BP India said, “It is a matter of pride for us to be chosen as a partner by ONGC. We look forward to bringing our international experience and technology expertise to Mumbai High Field. “