NEW DELHI: BP Exploration (Alpha) Ltd., a wholly-owned subsidiary of BP Plc, UK, has been chosen as the Technical Services Provider (TSP) for ONGC's Mumbai High (MH) field, an official communiqué mentioned on Thursday.
This collaboration is set to unlock substantial increases in crude oil and gas production over the next decade, leveraging cutting-edge technologies and global expertise to secure India's energy future.
According to ONGC, the engagement with BP is projected to deliver a 44 per cent increase in crude oil production, rising from a baseline of 45.47 MMT to 65.41 MMT, and an 89 per cent surge in gas production, from 24.94 BCM to 47.22 BCM. In terms of oil and oil-equivalent gas (O+OEG), this represents a 60 per cent increase, from 70.40 MMToe to 112.63 MMToe.
The production boost is expected to commence visibly from FY26, with full-scale realization anticipated by FY28.
This story is from the {{IssueName}} edition of {{MagazineName}}.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber ? Sign In
This story is from the {{IssueName}} edition of {{MagazineName}}.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber? Sign In
LIC's Bima Sakhi scheme crosses 50K mark within one month
Bima Sakhi Yojana of LIC has seen over 50,000 registrations within a month of its launch by Prime Minister Narendra Modi as an initiative towards women empowerment.
REC Ltd commits ₹2.01 cr to enhance healthcare in Raipur
Under its Corporate Social Responsibility (CSR) initiative, state-owned REC Ltd on Thursday signed a Memorandum of Agreement (MoA) with the District Health Society (DHS) Raipur, Chhattisgarh.
Adani to raise ₹7,148 cr from Adani Wilmar stake sale
The Adani Group will raise Rs 7,148 crore from sale of up to 20 per cent stake in Adani Wilmar (AWL) in the open market to exit non-core activities and focus on infrastructure business.
Adani-ISKCON to start 'Mahaprasad Seva'
The Mahaprasad Seva will be offered to 50 lakh devotees. Golf carts have been arranged for the differently abled, elderly, and mothers with children
Partnership with BP Plc to boost ONGC's revenue by $10.30 billion
Additionally, the initiative is expected to contribute up to $5 billion to the Gol's exchequer through royalties, cess & other levies
Swiggy Launches Swiggy Serves' Initiative to Redistribute Surplus Food
Food delivery aggregator Swiggy on Thursday launched the 'Swiggy Serves' initiative to reduce food waste across its value chain and combat hunger.
Online pharmacies: 'Notorious markets' report warns of risks
At least nine people died of narcotics poisoning between August 2023 and June 2024
Sensex tanks nearly 1% to below 78,000 on broad-based selloff
The BSE smallcap gauge tanked 1.17 per cent while the midcap index declined 0.96 per cent
Equity MF inflows rise 14% in Dec
Inflows into SIPs came at Rs 26,459 crore, up from November's Rs 25,320 crore
Djokovic on collision course with Alcaraz
Oz Open: Sabalenka draws Stephens
