State-controlled Oil and Natural Gas Corporation (ONGC) signed a technical services contract with BP for its Western Offshore Basin fields. The agreement covers 43 blocks on India’s western continental shelf. This region is ONGC’s most prolific hydrocarbon-producing area.
The collaboration aims to slow natural production decline and improve hydrocarbon recovery. Both companies will deploy advanced technologies and global best practices to sustain growth.
BP will receive a fixed fee for the first two years. Subsequent compensation will be a service fee linked to a percentage of revenue from net incremental hydrocarbon production.