ONGC signs new technical services contract with bp

Oil & Natural Gas Corporation Ltd. | Oil Exploration | Oil & Gas | BSE: 500312 | NSE: ONGC

25 Jun 2026 Evaluate

After the Technical Services Provider (TSP-1) contract for Mumbai High, Oil & Natural Gas Corporation (ONGC) and bp have signed a new Technical Services Contract on June 25, 2026. Under the agreement, bp has been appointed as the TSP for ONGC’s fields in the Western Offshore Basin.

As India’s National Oil Company, ONGC plays a pivotal role in strengthening the country’s energy security, accounting for approximately 64 per cent of India’s domestic crude oil and natural gas production. Comprising 43 blocks, the Western Offshore Basin is ONGC’s most prolific hydrocarbon-producing basin and has contributed significantly to India’s energy requirements for over four decades. The agreement marks a significant expansion of the ONGC-bp collaboration from Mumbai High to the fields in the Western Offshore Basin. It will facilitate the wider deployment of advanced technologies, global technical expertise and best-in-class operating practices across some of India’s most important mature hydrocarbon assets.

ONGC will retain complete ownership and operational control of the assets. bp will work closely with ONGC’s multidisciplinary teams to identify and implement focused interventions across reservoirs, wells and production facilities. The collaboration will seek to moderate natural production decline, improve hydrocarbon recovery and operational efficiency, and support sustained production growth.

Under the terms of the contract, bp will receive a fixed fee for the first two years, followed by a service fee linked to a percentage share of revenue generated from net incremental hydrocarbon production. The agreement builds on the Technical Services Contract signed by ONGC and bp for Mumbai High in February 2025. During the first year of collaboration, the two companies successfully moderated production decline and delivered growth through optimization of existing wells, enhanced surveillance and focused reservoir, well and facility-management initiatives.

ONGC is India’s largest government-run corporation and produces about 70% of India’s crude oil and natural gas. The corporation is the biggest public sector commercial organization in India.

ONGC Share Price

233.20 -6.85 (-2.85%)

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