Mumbai High, once a flagship asset for India’s energy sector, is seeing production fall sharply. ONGC is now betting on a partnership with BP, drawing on BP’s track record of boosting output at Iraq’s Rumaila oilfield. The move aims to slow decline in ageing wells and restore steadier production, but execution risk remains high.
Bombay High is fading fast, and ONGC’s turnaround hinges on the KG-98/2 deepwater project. But an extended monsoon disrupted operations, raising the risk that the company’s multibillion-dollar plan—made even more urgent by falling profits and rising costs—could face further delays despite the BP partnership. The stakes are survival-level for ONGC’s next phase.
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