Overview
- The contract signed on June 25, 2026 makes BP the technical services provider for ONGC's Western Offshore Basin, which covers 43 blocks and is the company’s most prolific offshore region.
- Under the deal BP will be paid a fixed fee for the first two years and then a performance‑linked fee that shares revenue from any incremental hydrocarbon production.
- ONGC retains full ownership and operational control of the fields so BP will advise and carry out targeted interventions on reservoirs, wells, and facilities without any asset transfer.
- The move builds on a February 2025 pilot at Mumbai High that ONGC says slowed decline and raised output through well optimisation and enhanced surveillance.
- Officials framed the pact as a step to strengthen India’s energy security by slowing natural decline in ageing fields and raising recovery rates, which could reduce pressure on fuel imports and sustain jobs in offshore operations.