ONGC Says Will Resist Centre’s Move To Hand Over 11 Discovered Fields To Private Operators

ONGC Says Will Resist Centre’s Move To Hand Over 11 Discovered Fields To Private Operators

The State-run ONGC has said it will resist the government’s reported move to hand over its 11 “discovered” hydrocarbon fields to private operators for their expeditious development. The fields, where hydrocarbon deposits were found before 1999, were given to ONGC on a nomination basis. Fellow PSU Oil India also holds four such fields and these too are under threat of being transferred to private firms via auction. “Obviously we will defend (auctioning off the assets to private firms),” said an ONGC executive, asking not to be named. But the executive clarified that no official information about transfer of fields has been communicated to the company. OIL officials could not be contacted immediately. In view of falling production at these 15 fields, the Directorate General of Hydrocarbons (DGH) in a draft policy has recommended that a 60% stake in these fields should be given to private operators through auctions in order to raise production. Read More…

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