State-owned Oil and Natural Gas Corp on Thursday signed a strategic Memorandum of Understanding with bp plc to collaborate on drilling stratigraphic wells in India’s Category II & III offshore sedimentary basins: Andaman, Mahanadi, Saurashtra, and Bengal.
Strategic Partnership
This partnership will enhance geological understanding and unlock untapped hydrocarbon potential, strengthening India’s long-term energy security, the company said.
The MoU was signed in the presence of oil minister Hardeep Singh Puri, on the sidelines of Urja Varta 2025 reaffirming the government’s commitment to deepen global collaboration in India’s energy journey.
“We are excited to underpin our existing alliance with ONGC in this project of national and strategic significance. We believe drilling of new stratigraphic wells will be very valuable and can lead to a new understanding and potential. bp’s experience in deep water exploration supported by new seismic technologies would be of great assistance during the evaluation and subsequent drilling of stratigraphic wells,” said Kartikeya Dube, Head of Country, bp India.
Earlier, ONGC has also selected bp as the technical service provider for enhancement of its Mumbai High oil and gas field providing up to 60% increase in the production over baseline levels.
India’s Energy Future
BP has indicated a substantial increase in Oil and Oil Equivalent of Gas production up to 60% from baseline production levels (reputed third-party vetted production estimates with natural decline) over a 10 years contract period.
ONGC had earlier told FE that it is discussing technology tie-ups with global energy giants like Shell and Petronas for several offshore gas fields.
Apart from reversing the decline in its matured fields, ONGC is expecting to start production in a clutch of new fields including the Tapti Daman area, Kutch field, and the Mahanadi basin.