ONGC Selects BP as Technical Services Provider for Mumbai High Field, Aims to Boost Production by 44% and 89% in Crude Oil and Gas Respectively

ONGC has selected M/s BP Exploration (Alpha) Ltd., a wholly-owned step-down subsidiary of BP Plc, UK as the Technical Services Provider (TSP) for Mumbai High (MH) Field. The TSP is expected to enhance the production from MH field by ~ 44% in crude oil and ~ 89% in gas for the ten-year contract period. This incremental production is expected to generate additional oil and gas revenue of up to USD 10.30 Billion and incremental contribution to Gol Exchequer by way of royalty, cess and other levies up to the tune of USD 5 billion. The TSP will receive a fixed fee for the first two years, followed by a Service Fee based on a percentage share of the revenue from net incremental hydrocarbon production, after recovering incremental costs.