ONGC Expects Oil Production Recovery from Mumbai High to begin from January

ONGC is set to invest Rs 81.10 billion for the onshore development and production of oil and gas ONGC expects to produce 20 million metric tonnes of crude oil, less than 21 mmt projected.

State-run Oil and Natural Gas Corp expects recovery in its oil production from the Mumbai High field, where it partners with British oil major BP, to start from January. The company on Tuesday said that under the tie-up, ONGC is likely to see “green shoots” of improvement from January onwards with major production gains anticipated in FY29–FY30.

“Under the TSP (technical service provider) with BP, we are likely to see green shoots from January onwards. We have got some positive indications already. And under this contract, what has been committed so to say by BP is that over a 10 year period, we should increase our oil and gas production from Mumbai High by about 60% on a cumulative basis,” the company said in an analyst call.