ONGC signs agreement with BP to collaborate on drilling multiple stratigraphic wells in India
As part of the agreement, ONGC will be putting in money, BP will provide expertise
Oil and Natural Gas Corporation (ONGC) has signed an agreement with global energy giant BP to collaborate on drilling multiple stratigraphic wells in India. This partnership will enhance geological understanding and unlock untapped hydrocarbon potential, strengthening India's long-term energy security.
This is the first of the series of such initiatives which will be done. ONGC has taken the leap to tie up with BP in terms of well design, well location, understanding geology etc. As part of the agreement, ONGC will be putting in money, BP will provide expertise.
ONGC is India’s largest government-run corporation and produces about 70% of India’s crude oil and natural gas. The corporation is the biggest public sector commercial organization in India.
