Fossil Energy – TSP
Oil and Natural Gas Corporation Limited (ONGC) and bp have signed a contract under which bp will serve as the Technical Services Provider (TSP) for the Mumbai High field, India’s largest and most prolific offshore oil field.
ONGC will retain ownership and operational control of the field. Under the terms of the contract, bp will receive a fixed fee for two years for its deployed personnel, followed by a service fee linked to incremental oil and gas production. bp will work in close collaboration with ONGC to stabilize the field’s current production decline and restore it to a robust growth trajectory.
Leveraging its extensive experience in managing some of the world’s largest oil fields, bp will optimize oil recovery at Mumbai High by conducting comprehensive reviews of sub-surface models, implementing system optimizations, and enhancing reservoir management practices. This partnership is anticipated to significantly boost domestic oil and gas production, thereby increasing revenue for ONGC and benefiting the people of India, while also yielding higher service fee returns for bp.
“This opportunity further underpins our commitment to exploration and the production of oil and gas in India, creating value for both companies and helping support the country’s vision for energy independence and security,” Kartikeya Dube, Head of Country and Chairman bp India.
bp will assemble a team of technical experts to commence work by March 2025. In support of this initiative, both companies have already established a Senior Management Team and a Joint Management Team to ensure seamless project execution.
