Wedoany.com Report-Jan 9, State-owned Oil and Natural Gas Corporation (ONGC) expects a $10.3 billion revenue boost from increased oil and gas production, achieved through a partnership with UK's BP in the Mumbai High field.
In a statement, ONGC said it has hired BP Exploration (Alpha) Ltd, a wholly-owned step-down subsidiary of BP Plc, as the technical service provider (TSP) for raising production from the Mumbai High oil and gas field in the Arabian Sea.
"TSP has indicated a substantial potential increase of approximately 44 per cent in crude oil (from baseline production of 45.47 million tonnes to 65.41 million tonnes) and approximately 89 per cent increase in gas production (from 24.94 billion cubic metres to 47.22 billion cubic metres) for the ten-year contract period," it said.
In terms of oil and oil equivalent gas, the increase works out to 60 per cent (from 70.40 million tonnes of oil equivalent to 112.63 million tonnes of oil equivalent).
"The increase is expected to be visible from FY26 (April 2025 to March 2026 financial year) with full scale visibility expected from FY28 (April 2027 to March 2028 fiscal). This incremental production is expected to generate additional oil and gas revenue (net of levies) of up to $10.30 billion and incremental contribution to government exchequer by way of royalty, cess and other levies up to the tune of $5 billion," the statement said.
