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Commodity Market, Commodities News Today | The HinduBusinessLine

India could limit sulphur exports as supplies tighten, sources say India turns to US, Oman, Nigeria for LNG imports in March as Qatar, UAE supplies dry up China resumes buying broken rice from India Silver Price Today April 16: Latest rates in Delhi, Mumbai, Kolkata, Chennai & Bengaluru Gold rate today April 16: Gold rates up in Mumbai, Delhi, Chennai, Kolkata, Ahmedabad & Bengaluru Indian LNG importers scoop up spot shipments after prices recede Limelight Lab Grown Diamonds targets tier 2-cities with 25 stores in Q1 Crude oil futures edge up despite hopes of US-Iran ceasefire extension ‘Iran war oil shock as disruptive as Covid’ Iran war brings US close to net crude exporter for first time since World War II NAAS suggests govt to consider one-time licensing for imported horticulture hybrids India targets cocoa self-sufficiency by 2040 with national mission and reforms Why is Gold rate surges past $4,850 & Silver crossing $80? Crude unlikely to return to pre-war levels soon; India's import bill may rise $70 billion annually: Report US shuts down Iran’s maritime trade despite optimism for more talks Brent crude edges up ahead of fresh US-Iran talks Global fertilizer supply crunch tightens farm economics Crude oil prices fall for a second day on expectations US-Iran talks may resume Madhya Pradesh CM says basmati rice from the State is exported to 47 nations Russian crude oil imports rebound in March as PSU refiners lift record volumes Oil prices hit record high in March as refiners try to replace West Asian grades: IEA India’s gems and jewellery exports plunge 35% in March on weak demand Inflows into gold ETFs turn positive in past fortnight India’s Russian oil imports surge to €5.3 billion in March on higher volumes Russia restricts helium exports as global supply tightens amid Middle East tensions India’s oil security under pressure as West Asia crisis exposes import dependence risks Fuel price freeze: ₹18/litre loss on petrol, ₹35 on diesel Iran oil hoard at sea shields China’s refiners from US blockade Oil declines as US, Iran weigh more talks; US blockade of shipping to and from Iranian ports in place IMD forecast of below-normal Indian monsoon poses risk to agriculture, economy
ONGC on-boards BP subsidiary as technical services provid...
By BL New Delhi Bureau · 2026-05-25 · via Commodity Market, Commodities News Today | The HinduBusinessLine
The TSP will review the field performance and identify improvements in reservoir, facilities and wells to enhance production from western Offshore fields

The TSP will review the field performance and identify improvements in reservoir, facilities and wells to enhance production from western Offshore fields | Photo Credit: Kesavan A N 1612@Chennai

State-run ONGC said on Monday that it has selected BP Exploration Services India (BPXS), a wholly-owned step-down subsidiary of BP, as the technical services provider (TSP) for the entire western offshore fields, excluding the Mumbai High (MH).

The TSP will review the field performance and identify improvements in reservoir, facilities and wells to enhance production from Western Offshore fields (excluding MH field), the country’s largest exploration and production (E&P) firm said.

“The TSP has indicated a substantial potential increase of around 10.8 per cent in crude oil (from baseline production of 46.25 million tonnes (mt) to 51.26 mt) and around 31.5 per cent increase in gas production (from 82.68 billion cubic meters (BCM) to 108.69 BCM) for the 10-year contract period,” ONGC added.

In terms of O+OEG (Oil + Oil equivalent of Gas), the increase works out to around 24.1 per cent (from 128.93 million tonnes of oil equivalent (MTOE) to 159.96 MTOE).

Fixed fee

The increase is expected to be visible from FY27 with full scale visibility expected from FY30. The TSP will receive a fixed fee for the first two years, followed by a service fee based on a percentage share of the revenue from net incremental hydrocarbon production, after recovering incremental costs.

“With this, ONGC aims to realise the enhanced potential of the entire western offshore fields (72.62 MMTOE O+OEG), not limited to the Mumbai High field alone by leveraging cutting-edge technologies and global best practices, securing its future contribution to India’s energy landscape,” the Maharatna company said.

Mumbai Offshore Basin is ONGC’s most prolific hydrocarbon-producing basin. The basin comprises 43 blocks, of which 28 blocks are under the nomination regime, with the balance under OALP / NELP / DSF regimes.

ONGC already has a TSP contract with BP Exploration Alpha (BPXA) for the Mumbai High field (presently around 38 per cent of total western offshore production O+OEG), which is the largest oil field of the Mumbai Offshore Basin, in early January 2025.

Preliminary production data during the initial months of TSP implementation indicate moderation of the earlier decline trajectory and stabilization of production. This has been achieved through focused well, reservoir and facility management initiatives, optimization of existing wells, enhanced surveillance, and prioritized facility de-bottlenecking.

bp confirmed that it has been selected by ONGC as Technical Service Provider for Western Offshore Fields (excluding Mumbai High). It looks forward to supporting an enhanced production from these fields.

Published on May 25, 2026