ONGC partners BP for Western Offshore

Oil and Natural Gas Corporation (ONGC) has selected BP — BP Exploration Services India Limited, a subsidiary of BP, as the Technical Services Provider for its Western Offshore oil and gas fields, excluding the Mumbai High field. This partnership aims to enhance production from ONGC's mature offshore assets through advanced technologies and global best practices. The agreement, awarded after an international competitive bidding process, is expected to deliver a 10.8% increase in crude oil production and a 31.5% growth in natural gas output over a 10-year contract period, with full-scale impact anticipated from FY30. The contract structure includes a fixed fee for the first two years, followed by a revenue-linked service fee based on incremental hydrocarbon production. This initiative is part of Oil and Natural Gas Corporation's broader strategy to maximize output from mature offshore assets and strengthen India's long-term energy security, building on the success of a similar engagement with BP — BP Exploration Alpha for the Mumbai High Field.