Oil & Natural Gas Corporation Limited has informed the Exchange regarding a press release dated May 25, 2026, titled "ONGC onboards Technical Services Provider for enhancing production from entire Western Offshore fields".
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ONGC has awarded a 10-year Technical Services Provider (TSP) contract to BP Exploration Services India Limited (BPXS) to enhance production from mature offshore fields in the Mumbai Offshore Basin, excluding the Mumbai High field already under TSP management. BPXS, a wholly-owned step-down subsidiary of BP Plc, will review field performance and implement improvements in reservoirs, facilities, and wells. The TSP has projected substantial production increases: ~10.8% in crude oil (46.25 to 51.26 MMT), ~31.5% in gas (82.68 to 108.69 BCM), and ~24.1% in total O+OEG (128.93 to 159.96 MMTOE) over the contract period. The fee structure includes a fixed fee for the first two years, followed by a service fee tied to a share of revenue from net incremental production. Production gains are expected to be visible from FY27 with full-scale impact from FY30.
This contract extension with BP signals ONGC's commitment to reversing production decline in mature Western Offshore fields through global expertise and technology, which could support long-term revenue growth and reinforce ONGC's role in India's energy security.