ONGC inks first-ever term contract in Marketing Freedom regime with BPCL for sale of crude oil
Mumbai | 03 August 2023
In a significant development, Oil and Natural Gas Corporation Limited (ONGC) has entered into a term contract with Bharat Petroleum Corporation Limited (BPCL) for the sale of crude oil from the Mumbai region, cementing the strong partnership between the two esteemed companies.
ONGC Signs term contract with BPCL for sale of Mumbai Offshore crude oil
The signing ceremony took place at ONGC NBP Green Heights, Mumbai, between ONGC ED- Chief Marketing Sanjay Kumar, and BPCL ED (IT) Manoj Heda, in the presence of ED-Western Offshore C Mathavan, Asset Managers of Mumbai region, Plant Manager- Uran and ED- Chief Commercial.
The historic contract comes after the Government of India’s decision to grant marketing and pricing freedom for domestic crude oil, replacing the previous allocation mechanism. ONGC has swiftly adapted to the new regime and successfully initiated the first-ever e-auction of Mumbai Offshore crude oil.
A glimpse of the formal ceremony at ONGC NBP Green Heights, Mumbai
BPCL Mumbai refinery has a longstanding association with ONGC, processing their crude oil since 1976. With the advantage of being connected by pipeline, BPCL offers seamless logistical operations for ONGC.
As the energy market dynamics continue to evolve, ONGC remains steadfast in its pursuit of innovation and excellence in the sector, reinforcing its position as a key player in India’s oil and gas industry.
Issued by:
Oil and Natural Gas Corporation Ltd
