ONGC Seeks Global Partners to Boost Mumbai High Output

State-owned ONGC is looking for foreign partners to help boost the declining output of its Mumbai High oil fields. The tender seeks technical services providers for a 10-year contract to enhance production using advanced technologies. Bids are due by September 15, 2024, with the highest incremental production and lowest revenue share being key selection criteria.

In a move to counter declining production, the state-owned Oil and Natural Gas Corporation (ONGC) is seeking foreign expertise for its Mumbai High oil fields. The corporation has opened an international tender, inviting global technical service providers (TSPs) with annual revenues exceeding USD 75 billion to review and enhance field performance.

According to the tender document, interested bidders must propose quarterly incremental production targets over a decade-long contract period, quoting the percentage of revenue share they expect from excess production. Successful bidders, determined by their offered production surplus and the lowest revenue split, will also receive a fixed service fee.

Discovered in 1974, the Mumbai High field has seen declining yields since its peak in 1989. Despite this, ONGC asserts the field retains substantial reserves that warrant advanced technological interventions. The current move follows earlier, unsuccessful attempts to transfer stakes to private and foreign entities.

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