Oil & Natural Gas Corporation Limited (ONGC) and bp signed a Technical Services Contract on 25 June 2026 for ONGC's fields in the Western Offshore Basin, expanding their existing collaboration from Mumbai High. The agreement was signed in the presence of Union Minister of Petroleum and Natural Gas, Shri Hardeep Singh Puri, and Secretary, Ministry of Petroleum and Natural Gas, Dr Neeraj Mittal.
ONGC accounts for approximately 64 per cent of India's domestic crude oil and natural gas production. The Western Offshore Basin comprises 43 blocks and has been ONGC's most prolific hydrocarbon-producing basin for over four decades.
ONGC has discovered seven of India's eight producing basins, holds the country's largest exploration acreage and has maintained a Reserve Replacement Ratio of more than one for 2P reserves for the past ten years.
Under the agreement, bp has been appointed as the Technical Services Provider for the Western Offshore Basin fields. ONGC will retain complete ownership and operational control of the assets. bp will work with ONGC's multidisciplinary teams to implement interventions across reservoirs, wells and production facilities to moderate natural production decline and improve hydrocarbon recovery.
bp will receive a fixed fee for the first two years, followed by a service fee linked to a percentage share of revenue from net incremental hydrocarbon production. ONGC Chairman and CEO Shri Arun Kumar Singh said the expanded collaboration will support improved recovery, greater efficiency and sustained production growth.
The agreement builds on the Technical Services Contract signed for Mumbai High in February 2025, where the companies moderated production decline and delivered growth through optimisation of existing wells, enhanced surveillance and reservoir management initiatives.
Disclaimer: This article is based on company filings submitted to the Bombay Stock Exchange (BSE) and National Stock Exchange of India (NSE) and is for informational purposes only. It does not constitute investment advice or a recommendation. Investors should conduct their own research and consult a qualified financial advisor before making investment decisions.