New Delhi, May 25 (SocialNews.XYZ) State-run oil explorer Oil and Natural Gas Corporation (ONGC) on Monday said it has selected BP Exploration Services India Limited -- a UK-based subsidiary of BP Plc -- as Technical Services Provider (TSP) for its Western Offshore oil and gas fields (excluding the Mumbai High field), in a move aimed at boosting output from mature assets.
The decision follows an international competitive bidding process under which global oil companies were invited to submit proposals for improving recovery from ageing offshore fields in the Mumbai Offshore Basin.
ONGC said the selected TSP will assess field performance and recommend interventions across reservoirs, wells and facilities to enhance production, leveraging global best practices and advanced technologies.
The engagement builds on ONGC’s earlier partnership with BP Exploration Alpha Ltd. for the Mumbai High field, which has shown early signs of production stabilisation through well and facility optimisation initiatives.
For the Western Offshore cluster, the TSP has projected significant upside potential over a 10-year contract period, estimating around 10.8 per cent increase in crude oil output and about 31.5 per cent rise in natural gas production, compared with baseline levels.
In terms of oil and oil equivalent gas (O+OEG), production is expected to rise by about 24 per cent.
According to ONGC, the improvement trajectory is expected to begin from FY27, with full-scale impact likely from FY30.
Under the arrangement, the TSP will receive a fixed fee for the initial two years, followed by a revenue-linked service fee based on incremental hydrocarbon production, after accounting for additional costs.
ONGC said the initiative is part of its broader strategy to maximise output from mature offshore fields while sustaining long-term energy security through technology-driven recovery improvements.
Shares of ONGC on Monday settled lower at Rs 284.90 apiece on the NSE.
Source: IANS
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