K's BP Plc won a bid for ONGC's giant Mumbai High oil and gas field, offering to raise crude oil production by 44% and natural gas by a staggering 89% over a 10-year period, potentially changing the fortunes of the vintage field.
Oil and Natural Gas Corporation (ONGC) in a stock exchange filing said it has selected BP Exploration (Alpha) Ltd, a wholly-owned step-down subsidiary of BP Plc, as the technical service provider (TSP) for raising production in the field.
ONGC had in June last year floated a tender seeking foreign partners to reverse declining output at its flagship Mumbai High fields, offering a share of revenue from incremental production plus a fixed fee but not any equity stake.
BP and Royal Dutch Shell put in an Expression of Interest (EoI) at the close of the tender in September.
Shell, however, did not put in the final price bid, which was to detail the incremental production and the revenue share sought from it. BP was the only firm that put in the bid.
This story is from the January 09, 2025 edition of Mint Hyderabad.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber ? Sign In
This story is from the January 09, 2025 edition of Mint Hyderabad.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber? Sign In
Nominee Laws at Crossroads: From Trustee to Ownership, A Case for Reforms
The notion of a nominee being a mere trustee complicates the case for asset succession
Zee Ent Q3 profit soars nearly 3-fold
Zee Entertainment Enterprises Ltd clocked a net profit of ₹164 crore for the third quarter ended December, a 180% increase from the ₹58.5 crore a year earlier.
Akasa Air is well-capitalized, path to profitability intact
CEO Dube said the country's two newest airports should help improve its profitability
Declaring pre-existing diseases and timelines: Know the rules
What is the time limit for pre-existing diseases when buying health insurance? Do I need to declare a decade-old hospitalization or illness? I declared an illness from 10 years ago, and the insurer excluded it from the pre-existing conditions list. Is this correct? -Name withheld on request
HDFC Bank walks loan tightrope
DFC Bank Ltd performed well in Q3FY25 but reported a high loan-deposit ratio (LDR) of 98%, indicating less-than-ideal liquidity to cover urgent fund requirements.
CCI Ban on WhatsApp Data-Sharing on Hold
No relief on ₹213 crore fine; experts say order undermines CCI's authority
Inclusive growth key pillar of India's economic blueprint
India will comfortably maintain a 6-8% economic growth rate while keeping inflation under check in the years to come, senior Union railways minister Ashwini Vaishnaw said on Thursday in a statement.
India will clock fastest growth rate: Andhra CM Naidu at Davos
Andhra Pradesh chief minister N. Chandrababu Naidu has said that India's golden era has started and the country will clock the fastest growth rate.
Donald Trump to take virtual centre stage in Davos
Chief executives will be given the chance to lob questions at the new US President Donald Trump
RBI Likely to Transfer Another Bumper Payout
The central bank will likely make another windfall payout to the government on account of its intervention in currency markets to stem the decline in the rupee, according to economists.
