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ONGC has appointed the UK's BP as a technical services provider to boost output from its western offshore oil and gas fields.
BP Exploration Services India Limited was selected by ONGC to boost western offshore field output.
KEY POINTS
- ONGC expects western offshore oil production to increase by 10.8% over 10 years with BP's help.
- Natural gas output from the fields is projected to rise 31.5% to 108.69 bcm over the contract period.
- BP will initially receive a fixed fee, then a share of incremental production revenue after cost recovery.
- The production increase is expected to start in FY2027 with full impact from FY2030.
COMPANIES
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