Marathon Oil and BP Revolutionize Mumbai High Fields

The Mumbai High oil and gas fields are witnessing a monumental shift, with Marathon Oil and BP stepping up efforts to boost output. BP, in conjunction with ONGC, aims to increase oil and gas production significantly through technical collaboration, without holding a direct stake in the fields.

Marathon Oil and British Petroleum (BP) are making waves in the Indian energy sector by pledging investments and technical expertise to amplify production in the Mumbai High oil and gas fields. With the state-owned Oil and Natural Gas Corporation (ONGC) at the helm, this initiative aims to counteract declining outputs and stimulate energy production.

Last month, ONGC inked a technical service agreement with BP to elevate output at the Mumbai High site. Under this agreement, BP plans to increase oil production by 44% and gas production by 89%. This collaboration mirrors a past contract ONGC had with Marathon Oil Corporation.

Despite not receiving a direct stake, BP will be compensated through fixed fees and a share of the incremental production revenue, showcasing a strategic partnership aimed at rejuvenating India's most productive oil field.

(With inputs from agencies.)