BP and ONGC Forge a Path to Enhanced Production in Mumbai High

In a groundbreaking move, the state-run explorer ONGC has partnered with BP, the UK's major oil and gas company, to significantly boost oil and gas production from Mumbai High, India's crown jewel in the energy sector. This collaboration marks BP's second operating project in India and signifies a notable entry of a multinational corporation into India's upstream sector, following recent government reforms.

BP secured a 10-year contract after outbidding Shell, the only other competitor, with an ambitious proposal to increase output by up to 60% over the baseline production. Unlike its previous venture in India, where BP acquired a 30% stake in Reliance Industries' KG-D6 block, this contract with ONGC does not involve any equity transfer in Mumbai High. Instead, BP will serve as a technical service provider, focusing on reviewing the field's performance, identifying areas for improvement, and implementing technological interventions to enhance production.

This strategic partnership is expected to set a new benchmark in the Indian energy sector, leveraging BP's global expertise and ONGC's deep understanding of the Mumbai High field to unlock new levels of productivity and efficiency.