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Partnership with BP Plc to boost ONGC's revenue by $10.30 billion
Millennium Post Delhi
|January 10, 2025
Additionally, the initiative is expected to contribute up to $5 billion to the Gol's exchequer through royalties, cess & other levies
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BP Exploration (Alpha) Ltd., a wholly-owned subsidiary of BP Plc, UK, has been chosen as the Technical Services Provider (TSP) for ONGC's Mumbai High (MH) field, an official communiqué mentioned on Thursday.
This collaboration is set to unlock substantial increases in crude oil and gas production over the next decade, leveraging cutting-edge technologies and global expertise to secure India's energy future.
According to ONGC, the engagement with BP is projected to deliver a 44 per cent increase in crude oil production, rising from a baseline of 45.47 MMT to 65.41 MMT, and an 89 per cent surge in gas production, from 24.94 BCM to 47.22 BCM. In terms of oil and oil-equivalent gas (O+OEG), this represents a 60 per cent increase, from 70.40 MMToe to 112.63 MMToe.
The production boost is expected to commence visibly from FY26, with full-scale realization anticipated by FY28.
This story is from the January 10, 2025 edition of Millennium Post Delhi.
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