bp India

Had an excellent meeting with Ms. Meg O’Neill, CEO, @bp_plc, Mr. Kartikeya Dube, Chairman, @bp_India, and their senior leadership today. bp has a comprehensive engagement and key strategic partnership with India across the energy value chain and is actively participating in exploration of hydrocarbons under OALP Round-10. Indian PSUs have also partnered with bp for E&P investments across the globe and are now collaborating in retail, natural gas, and compressed biogas which are important areas that are integral to India’s journey towards achieving energy security under the leadership of PM Sh @narendramodi Ji. Also witnessed the exchange of Framework for Strategic Cooperation Document between bp and India’s energy Maharatna @ONGC_ . @PMOIndia @PetroleumMin @PIB_India

Witnessed the signing of a Technical Services Contract between India’s PSU energy Maharatna @ONGC_ and global energy major @bp_India to enhance production from fields in Western Offshore Basin. The agreement marks a significant expansion of the ONGC-bp collaboration from Mumbai High to the fields in the Western Offshore Basin. It will facilitate a wider deployment of advanced technologies, global technical expertise and best-in-class operating practices across some of India’s most important mature hydrocarbon assets. Collaborations such as these will provide momentum to India’s efforts to enhance domestic production of hydrocarbons as we progress towards reducing our import bills and achieving energy self-sufficiency under the leadership of PM Sh @narendramodi Ji. Today’s agreement builds on the Technical Services Contract signed by ONGC and bp for Mumbai High in February 2025. During the first year of collaboration, the two companies successfully moderated production decline and delivered growth through optimization of existing wells, enhanced surveillance and focused reservoir, well and facility-management initiatives. @PMOIndia @PetroleumMin @PIB_India

FIPI welcomes the Government of India's pathbreaking amendment to the royalty framework under the ORD Act, as it encourages the upstream oil & gas operators to invest more and produce more oil & gas for the country. It not only reinforces the ease of doing business by removing many age-old ambiguities but also empowers the re-investment potential of the upstream operators which is crucial for enhancing domestic production. The benefits of this revised framework are many. Some of the important features are; a) the formula-based ad-valorem deduction towards Post-Well Head Cost (PWHC) will avoid the ambiguous and cumbersome process of working out the revised PWHC for oil which used to be done every two years; b) the standard deduction of 20% for nomination and pre-NELP regime fields and 15% for other regimes to work out the PWHC will eliminate the disputable cost calculation process and cost audits; c) the recognition of the well-head price as a net-back from the sale price shall avoid many disputes across different regimes of oil and gas fields (including DSF fields); d)the payable royalty can be easily worked out now by directly multiplying the well head price with the royalty rate etc. The last but not the least is the rationalisation of the Royalty rates; a) for nomination and pre-NELP blocks in on-land, it is revised from 20% (cum-royalty, effective 16.67%) to 12.5%(ex-royalty); b) for offshore blocks it is revised from 10% (cum-royalty, effective 9.09%) to 10% (ex-royalty). This reform is practically aimed at improving ease of doing business, predictability and viability of upstream projects, and attracting risk capital for the upstream sector. This long-awaited reform has come at a time while the country is facing serious supply chain issues due to the challenging global geopolitics, and focussing on energy security through augmenting domestic production of oil and gas. @HardeepSPuri @TheSureshGopi @neerajmittalias @Secretary_MoPNG @PetroleumMin @ONGC_ @IndianOilcl @BPCLimited @HPCL @Cairn_Vedanta @chennaipetro @gailindia @Ongc_Mrpl @NayaraEnergy @OilIndiaLimited @PetronetLNGLtd @RIL_Updates @EngineersIND @TechnipFMC @HMEL_India @NRL_MoPNG @Shell_India @AxensGroup @bakerhughesco @EY_India @exxonmobil_ind @IGLSocial @LanzaTech @larsentoubro @Jiobpofficial @SiemensIndia @topsoe_official @TotalEnergies @WorldLiquidGas @IGU_News @h2epower @IGX_India @Seros_IN @THINKGasIndia