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ONGC has engaged BP Exploration Services India Limited (BPXS), UK, as the technical service provider.
ONGC hired BP Exploration Services India Limited to boost production in all Western offshore fields except Mumbai High.
KEY POINTS
- BPXS projects crude oil output to rise 10.8% and gas output 31.5% over a ten-year period.
- Relative to the baseline, Oil and Oil-Equivalent Gas output is expected to increase by 24.1%.
- BPXS will earn a fixed fee for two years, then a revenue-share service fee linked to incremental output.
- Initial TSP efforts in Mumbai High have already slowed production decline and stabilized output.
COMPANIES
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