Oil & Natural Gas Corporation Limited — Updates, 09-01-2025: Press Release

ONGC has onboarded BP Exploration (Alpha) Ltd. as a Technical Services Provider (TSP) to enhance production from the Mumbai High Field, a vital asset for India's energy sector. This initiative aims to address ongoing production challenges in the mature field, which has historically contributed significantly to domestic crude oil and gas output.

The TSP projects a potential production increase of approximately 44% in crude oil (from a baseline of 45.47 MMT to 65.41 MMT) and an 89% rise in gas production (from 24.94 BCM to 47.22 BCM) over the ten-year contract term. This incremental output could generate additional revenues up to USD 10.30 billion and a projected contribution of around USD 5 billion to the Government of India's Exchequer.

Initially, the TSP will receive a fixed fee for the first two years, transitioning to a service fee based on a percentage of revenue from incremental hydrocarbon production. This collaboration positions ONGC to leverage advanced recovery technologies and secure its future role in meeting the country’s energy demands.