BP will boost its oil production by 44 per cent and gas output by 89 per cent from India's largest offshore field, Mumbai High field, under a decade-long contract, according to Oil and Natural Gas Corp (ONGC). The agreement will see BP provide technical expertise to enhance output from the Indian field, discovered in 1974. ONGC stated that BP's efforts will raise crude output from 45.47 million metric tons to 65.41 million tons and gas production from 70.40 billion cubic metres (BCM) to 112.63 BCM. Energy major Shell also participated in the tender, which sought advanced recovery technologies for mature reservoirs. The production boost, set to begin in the fiscal year starting April 1, is expected to generate additional oil and gas revenue of up to $10.3 billion and contribute up to $5 billion through royalties and levies. BP will receive a fixed fee initially and later a service fee tied to revenue from incremental production after cost recovery. Mumbai High's output, which peaked at 471,000 barrels per day in 1985, declined to 134,000 bpd by April 2024. Full-scale production increases are anticipated by 2027-28, ONGC said. Attribution: Reuters Subediting: Y.Yasser
