India’s state-controlled Oil & Natural Gas Corporation (ONGC) is nearing the decision phase for a sizeable engineering, procurement, construction and installation contract involving the redevelopment of its key west coast asset.

India’s domestic crude production has been dwindling in recent years and ONGC is under increasing pressure from the government to boost its oil output and reverse the decline.

The company is carrying out the bid process for offshore projects worth more than $2 billion to arrest declining oil and gas production from its west coast fields.