ONGC and bp sign new technical services contract for Western Offshore fields
ONGC · price
▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.
ONGC and bp signed a Technical Services Contract on 25 June 2026, appointing bp as Technical Services Provider for ONGC's Western Offshore Basin fields covering 43 blocks. This expands their earlier Mumbai High contract from Feb 2025. bp receives a fixed fee for the first two years, then a service fee linked to a share of revenue from net incremental production. ONGC retains full ownership and operational control. The first year of the Mumbai High tie-up moderated production decline, and the new deal aims to extend similar gains across the basin.
Positive for output outlook - proven partnership extended to ONGC's biggest basin; revenue-linked model ties bp to production gains, supporting recovery and growth.