ONGC Share Price in Focus; Signs Technical Services Contract with BP for Western Offshore Basin

Oil and Natural Gas Corporation (ONGC) has signed a Technical Services Contract with BP for its fields in the Western Offshore Basin, as per the exchange filing. 

Under the agreement, BP has been appointed as the Technical Services Provider (TSP) for ONGC's Western Offshore Basin fields, expanding the collaboration between the 2 companies beyond Mumbai High.  

Collaboration Expanded to Western Offshore Basin 

The agreement extends the existing ONGC-bp partnership from Mumbai High to the Western Offshore Basin, which comprises 43 hydrocarbon blocks. 

According to ONGC, the basin is its most prolific hydrocarbon-producing region and accounts for a significant share of India's domestic energy production.  

Focus On Production Enhancement 

Under the contract, bp will work with ONGC's multidisciplinary teams to identify and implement interventions across reservoirs, wells, and production facilities. 

The collaboration aims to moderate natural production decline, improve hydrocarbon recovery, enhance operational efficiency, and support sustained production growth.  

ONGC Retains Ownership and Operational Control 

The company clarified that ONGC will retain complete ownership and operational control of all assets. 

BP will provide technical expertise and deploy advanced technologies and operating practices under the technical services agreement.  

Contract Structure 

As per the agreement, BP will receive a fixed fee during the first 2 years. 

Thereafter, the company will receive a service fee linked to a percentage share of revenue generated from net incremental hydrocarbon production.  

Read More: ONGC Share Price in Focus Amid New CFO Appointment, JV Plans and ₹79 Cr Investment! 

ONGC Share Price Performance 

As of 25 June 2026, at 2:44 PM, ONGC share price was trading at ₹234.50 per share, reflecting a decline of 2.29% from the previous trading session. 

Conclusion 

ONGC has expanded its partnership with BP by signing a Technical Services Contract for the Western Offshore Basin. The agreement focuses on deploying advanced technologies and technical expertise to improve hydrocarbon recovery, operational efficiency, and sustained production while ONGC retains ownership and operational control of the assets.  

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