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First Phase of Rs 35,000 Crore Subsidy Disbursed to IOC, BPCL, HPCL by End of 2024?
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India•ONGC•BP•Mumbai High Field•Narendra Modi•Indian Oil Corporation•IOC•Bharat Petroleum Corporation Limited•BPCL•Hindustan Petroleum Corporation Limited•HPCL
Resolution / Starting Odds
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Official announcements from the Indian government or press releases from IOC, BPCL, and HPCL
Story
ONGC Engages BP to Boost Production in Mumbai High Field, Projecting 44% Jump in Oil Output and $10.3 Billion Revenue
Jan 9, 2025, 09:35 AM
India's Oil and Natural Gas Corporation (ONGC) has engaged BP as a technical service provider to enhance production in the Mumbai High Field, the country's largest oil field. This partnership is expected to lead to a projected 44% increase in oil output, significantly contributing to India's energy self-sufficiency goals under Prime Minister Narendra Modi's leadership. The additional production could generate an estimated $10.3 billion in revenue for ONGC. The government is also considering a subsidy of Rs 35,000 crore for Indian Oil Corporation (IOC), Bharat Petroleum Corporation Limited (BPCL), and Hindustan Petroleum Corporation Limited (HPCL) to offset losses from fixed LPG prices, with disbursement planned in two phases over 2024-26.
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