Contract Details
- Signed on 25 June 2026 in New Delhi
- Signed in presence of Hon'ble Minister of Petroleum and Natural Gas, Shri Hardeep Singh Puri, and Secretary, Government of India, Ministry of Petroleum and Natural Gas, Dr Neeraj Mittal
- bp appointed as Technical Services Provider (TSP) for ONGC's fields in the Western Offshore Basin
- Comprises 43 blocks in the Western Offshore Basin
- Expansion of existing collaboration from Mumbai High (TSP-1 contract signed February 2025)
Financial Terms
- bp will receive fixed fee for the first two years
- After two years, service fee linked to percentage share of revenue generated from net incremental hydrocarbon production
- ONGC retains complete ownership and operational control of all assets
Strategic Objectives
- Facilitate deployment of advanced technologies, global technical expertise and best-in-class operating practices
- Moderate natural production decline
- Improve hydrocarbon recovery and operational efficiency
- Support sustained production growth
- Work across reservoirs, wells and production facilities
Context and Background
- Western Offshore Basin is ONGC's most prolific hydrocarbon-producing basin
- Has contributed to India's energy requirements for over four decades
- ONGC accounts for approximately 64% of India's domestic crude oil and natural gas production
- First year of Mumbai High collaboration successfully moderated production decline and delivered growth through optimization of existing wells, enhanced surveillance and focused reservoir management
Management Commentary
ONGC Chairman and CEO Shri Arun Kumar Singh: "Building on the encouraging outcomes at Mumbai High, this expanded collaboration will support improved recovery, greater efficiency and sustained production growth."
bp India Chairman and bp Senior Vice President Shri Kartikeya Dube: "We look forward to bringing bp's global expertise to support enhanced production from the Western Offshore Basin and strengthen India's energy security."
Company Background
ONGC: India's largest exploration and production company, discovered seven of India's eight producing basins, holds country's largest exploration acreage, maintained Reserve Replacement Ratio of more than one for 2P reserves for past ten years.
bp in India: One of largest international energy companies operating in India, activities span oil and gas exploration and production, gas trading, mobility and aviation fuels, clean-energy projects, global business services and maritime operations. Partnerships include Jio-bp with Reliance Industries Limited.