Oil and Natural Gas Corporation (ONGC) and bp have signed a contract under which bp will serve as the Technical Services Provider (TSP) for the Mumbai High field, India`s largest and most prolific offshore oil field.ONGC will retain ownership and operational control of the field. Under the terms of the contract, bp will receive a fixed fee for a period of two years for its deployed personnel, followed by a service fee linked to incremental oil and gas production. bp will work in close collaboration with ONGC to stabilize the field`s current production decline and restore it to a robust growth trajectory.Leveraging its extensive experience in managing some of the world`s largest oil fields, bp will optimize oil recovery at Mumbai High by conducting comprehensive reviews of subsurface models, implementing system optimizations, and enhancing reservoir management practices. This partnership is anticipated to significantly boost domestic oil and gas production, thereby increasing revenue for ONGC and benefiting the people of India, while also yielding higher service fee returns for bp.bp will assemble a team of technical experts to commence work by March 2025. In support of this initiative, both companies have already established a Senior Management Team and a Joint Management Team to ensure seamless project execution.Powered by Capital Market - Live News

ONGC announced that the Board of Directors of the Company at its meeting held on 31 January 2025, inter alia, have recommended the Second interim dividend of Rs 5 per equity Share (i.e. 100%) , subject to the approval of the shareholders.Powered by Capital Market - Live News

Net profit of Oil & Natural Gas Corpn declined 19.45% to Rs 8621.69 crore in the quarter ended December 2024 as against Rs 10703.17 crore during the previous quarter ended December 2023. Sales declined 0.75% to Rs 166096.68 crore in the quarter ended December 2024 as against Rs 167356.63 crore during the previous quarter ended December 2023. ParticularsQuarter EndedDec. 2024Dec. 2023% Var. Sales166096.68167356.63 -1 OPM %14.6212.17 - PBDT23019.4121455.34 7 PBT13522.1913961.07 -3 NP8621.6910703.17 -19 Powered by Capital Market - Live News

Oil & Natural Gas Corpn announced that Dr. Madhav Singh (DIN: 09489194), ceased to be Independent Director of the Company with effect from 24 January 2025. Powered by Capital Market - Live News

ONGC will hold a meeting of the Board of Directors of the Company on 31 January 2025.Powered by Capital Market - Live News