BP has signed a contract to provide technical services for India’s Mumbai High field, aiming to optimize oil recovery and stabilize production decline.
ONGC will retain control, while BP will receive a fixed fee for two years, followed by a service fee based on increased production.BP will assemble a team of experts to start work in March, with both companies having established project management teams.Kartikeya Dube, BP India’s Chairman, expressed pride in partnering with ONGC, highlighting the commitment to India’s energy security and independence.
BP and ONGC signed an MoU to explore collaboration in oil and gas exploration, production, and trading, both in India and internationally.The MoU covers deepwater exploration, offshore acreage bids under India’s OALP, and strategic partnerships in energy sectors like carbon sequestration, lasting three years.BP’s activities in India include Castrol lubricants, oil and gas trading, low-carbon projects via Lightsource BP, and IT services.
The EIA’s November 2024 report highlighted India as the top driver of global oil consumption growth, accounting for 25% of the increase in 2024-2025.
