Failed privatisation bids, pacts: ONGC's Mumbai High finds hope in BP deal

Quick Summary:

US giant Marathon Oil pledging investments and technology to raise output from Mumbai High oil and gas fields, companies such as Occidental Petroleum seeking a stake and at least two privatisation bids have seen final culmination in global energy giant BP signing up to lift output from India's prime field lying off the Mumbai coast.

State-owned Oil and Natural Gas Corporation (ONGC) last month signed a technical service contract with BP to reverse declining output from the ageing field, according to statements by the two firms.

BP has pledged to lift oil production by 44 per cent and gas output by 89 per cent from India's largest field in exchange for a fixed fee.

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Category: BusinessFinance

Markets: India

Topics: BP Occidental Petroleum ONGC oil Mumbai ONGC oil firm Petroleum

Source Website Secure: Yes (HTTPS)

News Sentiment: Neutral

Fact Checked: Legitimate

Article Type: News Report

Published On: 2025-02-09 @ 11:46:32 (1 days ago)

News Timezone: GMT +5:00

News Source URL: business-standard.com

Language: English

Article Length: 1232 words

Reading Time: 7 minutes read

Sentences: 42 lines

Sentence Length: 30 words per sentence (average)

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Copyright Owner: © Business Standard

News ID: 25990666

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