Oil & Natural Gas Corporation Limited — Updates, 10-02-2025: Press Release

ONGC and bp have entered into a contract where bp will serve as the Technical Services Provider for the Mumbai High field, India's largest offshore oil field. While ONGC maintains ownership and operational control, bp will receive a fixed fee for two years for its personnel, transitioning to a service fee linked to increased production. This partnership aims to stabilize declining production and spur growth by leveraging bp's expertise in optimizing oil recovery through advanced technologies and best practices.

bp is set to deploy a team of technical experts by March 2025, supported by joint management teams established for effective execution. This collaboration is expected to significantly enhance domestic oil and gas output, boosting revenue for ONGC while contributing to India's energy self-sufficiency goals. Key stakeholders view this engagement as a pivotal step toward utilizing global best practices to optimize production at this strategic field, signaling a positive outlook for India’s energy landscape.