The government is weighing sale of as many as 149 small and marginal oil and gas fields of Oil and Natural Gas Corp. Ltd (ONGC) to private and foreign companies and allow the state-owned firm to focus only on big fields, people with knowledge of the development said.
On the anvil is some kind of extension of the discovered small field (DSF) bid round, where discovered and producing fields of ONGC are auctioned to private firms offering the maximum share of output to the government. This is the second attempt by the oil ministry to take away some of the fields of ONGC for private and foreign companies.
In October last year, the Directorate General of Hydrocarbons (DGH) had identified 15 producing fields with collective reserve of 791.2 million tonnes of crude oil and 333.46 billion cubic metres of gas of national oil companies for handing over to private firms in the hope that they would improve upon the baseline estimate and its extraction. Read More