Reported 2 days ago
BP has committed to increase oil production by 44% and gas output by 89% from India's largest field, under a new ten-year contract with ONGC. The Mumbai High field's production is expected to start increasing in the next fiscal year, potentially generating an additional $10.30 billion in revenue for India. BP will be compensated through a fixed fee for the first two years, transitioning to a revenue-sharing model thereafter.
Source: YAHOO