ONGC and BP Ink Strategic Pact for Global Energy Collaboration

State-owned ONGC has partnered with global oil major BP to collaborate in exploration, production, and trading of energy resources, both in India and internationally. This MoU aims to bolster output from India's flagship fields and explore additional opportunities in deep-water exploration and other energy vectors.

State-owned Oil and Natural Gas Corporation (ONGC) announced on Monday a strategic agreement with global oil giant BP. The pact focuses on collaboration in exploration, production, trading, and other energy sectors, both domestically and internationally.

The memorandum of understanding (MoU) follows BP's selection as a technical service provider to boost the output of ONGC's Mumbai High oil and gas field. Under the three-year agreement, the companies will explore deep-water opportunities, field optimization, and potential bids under India's Open Acreage Licensing Program.

The decision to collaborate was formalized on the eve of India Energy Week, attended by ONGC Chairman and CEO Arun Kumar Singh and BP Executive Vice President William Lin. The partnership also considers strategic trading and other energy vectors, such as carbon sequestration.

(With inputs from agencies.)