K's BP Plc won a bid for ONGC's giant Mumbai High oil and gas field, offering to raise crude oil production by 44% and natural gas by a staggering 89% over a 10-year period, potentially changing the fortunes of the vintage field.
Oil and Natural Gas Corporation (ONGC) in a stock exchange filing said it has selected BP Exploration (Alpha) Ltd, a wholly-owned step-down subsidiary of BP Plc, as the technical service provider (TSP) for raising production in the field.
ONGC had in June last year floated a tender seeking foreign partners to reverse declining output at its flagship Mumbai High fields, offering a share of revenue from incremental production plus a fixed fee but not any equity stake.
BP and Royal Dutch Shell put in an Expression of Interest (EoI) at the close of the tender in September.
Shell, however, did not put in the final price bid, which was to detail the incremental production and the revenue share sought from it. BP was the only firm that put in the bid.
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