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ONGC inked yet another technical services-provider (TSP) agreement with British major BP Plc’s subsidiary, BP Exploration Services India, for Western Offshore fields.
ONGC signed a technical services agreement with BP Exploration Services India for Western Offshore fields.
KEY POINTS
- BP's technical services are projected to increase oil production by 10.8% and gas by 31.5% over ten years.
- Full-scale production increases are expected to be visible by fiscal year 2030, with initial gains from 2027.
- BP will receive a fixed fee for two years, then a revenue-tied service fee based on incremental output.
- Previous BP-led contracts for Mumbai High have already slowed production decline and stabilized output.
COMPANIES
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