• Winter Storm Watch - Click for Details
    ...WINTER STORM WATCH IN EFFECT FROM WEDNESDAY MORNING THROUGH LATE WEDNESDAY NIGHT...
    Effective: February 12, 2025 @ 6:00am
    Expires: February 13, 2025 @ 3:00am
    WHAT
    Heavy snow possible. Total snow accumulations between 6 and 8 inches possible.
    WHERE
    Portions of north central, northwest, and west central Illinois and east central, northeast, and southeast Iowa.
    WHEN
    From Wednesday morning through late Wednesday night.
    IMPACTS
    Travel could be very difficult. The hazardous conditions could impact the Wednesday morning and evening commutes.
    ADDITIONAL DETAILS
    North winds 10 to 15 mph, with gusts up 25 mph may cause some blowing and drifting snow, especially on east-west roads.
    PRECAUTIONARY/PREPAREDNESS ACTIONS
    Monitor the latest forecasts for updates on this situation.

BP projects 44% jump in oil output from India’s largest field, ONGC says

SHARE NOW

By Sethuraman N R

(Reuters) – Global energy major BP has pledged to lift oil production by 44% and gas output by 89% from India’s largest field off its west coast, under a decade-long contract, according to block operator Oil and Natural Gas Corp on Thursday.

ONGC named BP as its technical service provider on Wednesday to assist in boosting output from a baseline crude production of 45.47 million metric tons and 70.40 billion cubic metres (BCM) of gas.

Energy major Shell also participated in the tender, which sought advanced recovery technologies and expertise in managing complex mature reservoirs to boost production, ONGC said in an exchange filing.

BP projected an increase in oil production by 44% to 65.41 million tons and gas output by 89% to 112.63 BCM from the Mumbai High field, which was discovered in 1974.

India, the world’s third-biggest oil importer and consumer, aims to rapidly increase its oil and gas production, which has remained stagnant for years.

The increase in production is expected to begin in the next fiscal year starting April 1, with full-scale visibility anticipated by 2027-28, ONGC said in the filing.

The incremental production is expected to generate additional oil and gas revenue for the country of up to $10.30 billion, and contributions from royalty, cess and other levies amounting to as much as $5 billion, the explorer said.

In return, BP 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 production, after recovering incremental costs, according to ONGC.

The field reached peak production of 471,000 barrels per day of oil in March 1985, and its output had declined to about 134,000 bpd in April 2024, a tender document showed last year.

(Reporting by Sethuraman NR; Editing by Nidhi Verma and Sherry Jacob-Phillips)

Brought to you by www.srnnews.com

Submit a Comment