A significant milestone is the long-term agreement between the Oil & Natural Gas Corporation Ltd (ONGC) and Bharat Petroleum Corporation Ltd (BPCL) for the sale of crude oil produced in the Mumbai region. Sanjay Kumar, executive director of ONGC, and Manoj Heda, executive director of BPCL, signed the agreement in the presence of C. Mathavan and other senior authorities.
The agreement was reached when the Centre agreed to abandon its prior system of allocating quotas in favour of free marketing and pricing for domestic crude oil.
ONGC launched its first-ever successful e-auction of crude oil, which it sold to the highest bidder. The Mumbai High Fields generate about 13–14 million tonnes of crude oil yearly.
With the advantage of being connected by an undersea pipeline that passes over the Arabian Sea, the BPCL Mumbai Refinery in Mahul, Chembur East, has a longstanding relationship with ONGC and has been processing their crude oil since 1976. This refinery provides ONGC with flawless logistical operations.
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