Increase in production will bring revenue profit of US $ 10.3 billion
The country’s government oil and gas company ONGC (Oil and Natural Gas Corporation) has taken a big step to increase the production of oil and gas. The company has signed a contract with Global Oil Company BP to increase production from its leading Mumbai High Oil and Gas Field to 60 percent in the next decade. Both companies said in the statement, BP will be India’s largest and highest producing offshore oil field for the Mumbai High Field (TSP) for the Mumbai High Field. It said, “ONGC will maintain the ownership and operational control of the field.
Increase in production will bring revenue profit of US $ 10.3 billion
Under the terms of the contract, BP will get a fixed fee for a period of two years for the employees posted. After this, you will also get a service charge related to older oil and gas production. ”BP will work closely with ONGC to stabilize the decline in the current production and bring it back on the path of a powerful growth. ONGC said last month said that the increase in oil and gas production with BP would provide a revenue benefit of US $ 10.3 billion.
BP will use international experience and technology expertise
ONGC Chairman and CEO Arun Kumar Singh said, “ONGC’s goal is to exploit the increased capacity of Mumbai High Field by taking advantage of the best practices at state -of -the -art technology and global level. Along with this, its future contribution to India’s energy landscape is also to ensure. “BP India’s ‘Country Head’ and Chairman Karthikeya Dubey said,” It is a matter of pride for us to choose as partners by ONGC. . We are ready to bring our international experience and technology expertise in the Mumbai High Field. ,
Latest business news
