Less than one year after ONGC floated a global bid, UK's BP Plc has won it, offering to raise crude oil production by 44 per cent and natural gas by a staggering 89 per cent over a 10-year period, reports PTI.

It can potentially change the fortunes of the vintage field. 

Oil and Natural Gas Corporation in a stock exchange filing has said it has selected BP Exploration (Alpha) Ltd, a wholly-owned step-down subsidiary of BP Plc, as the Technical Service Provider (TSP) for raising production in the field. 

ONGC had in June last year floated a tender seeking foreign partners to reverse declining output at its flagship Mumbai High fields, offering a share of revenue from incremental production plus a fixed fee but not any equity stake.