BP p.l.c. (BP) Finalizes Technical Services Contract with ONGC

BP p.l.c. (NYSE:BP) is one of the 10 integrated oil and gas companies to invest in according to hedge funds.

On June 25, BP p.l.c. (NYSE:BP) entered into a Technical Services Contract with India's flagship oil company, ONGC. According to the agreement, BP will act as a Technical Services Provider for ONGC's Western Offshore Basin fields. The agreement was reached in the presence of Shri Hardeep Singh Puri, Minister of Petroleum and Natural Gas, and Dr Neeraj Mittal, Secretary, Government of India.

The agreement is an extension of ongoing engagements between the two companies and expands their current collaborative efforts within the Mumbai High field to the Western Offshore Basin fields. As part of the latest arrangement, BP will engage with different teams from ONGC for identification and interventions within wells, reservoirs, and production facilities.

Back on June 2, BP p.l.c. (NYSE:BP) conducted formal discussions regarding the potential sale of its assets in the UK North Sea to Ithaca Energy. The estimated transaction size is roughly £2 billion. After some failed negotiations during the prior few weeks, BP continues to look into a potential deal with Ithaca.

Malcolm Moore

Fuente original: Yahoo Finance (https://finance.yahoo.com/energy/articles/bp-p-l-c-bp-162708517.html)