The facility will service the Vashishta and S1 fields, located off the Amalapuram coast in the KG Basin.
The contract scope includes basic design, detailed engineering, procurement, fabrication, inspection and testing, installation and pre-commissioning and commissioning of the terminal which will be integrated with an existing facility.
The facility will consist of a slug catcher for well fluid separation, gas compressors, high integrity pressure protection system, glycol dehydration, dew point control, mono ethylene glycol regeneration and gas metering system.
In addition, air compression, nitrogen generation, flare systems, storage tanks and diesel generators will be included.
The project is scheduled to be completed during the second half of 2016.
"This award confirms our position as a major EPC contractor in the Indian oil and gas sector," Technip region A president Nicoletta Giadrossi said.
"The Vashishta project represents an important milestone for Technip's operations in India.
"We will leverage our long experience and track record in the country to deliver this project for ONGC, with whom we are looking forward to further strengthening our strategic collaboration in the future."