State-owned Oil and Natural Gas Corporation (ONGC) has signed an agreement to sell crude oil it produces from Mumbai offshore fields to HPCL — the second such agreement in as many months, as India’s top oil and gas producer prefers term contracts over auctions where refiners hammer deep discounts.
In a post on X, formerly known as Twitter, ONGC said it has inked a “term agreement with HPCL for sale of crude oil from Mumbai offshore”.
While it did not give details, sources aware of the matter said the pact for the sale of about 4.5 million tonnes per annum of crude oil to Hindustan Petroleum Corporation Ltd’s (HPCL) Mumbai refinery.
