Overlooking pvt firms’ weak output, panel asked national oil cos to hand over 66 fields


Overlooking pvt firms’ weak output, panel asked national oil cos to hand over 66 fields

A group of experts recommended handing over 66 producing oil and gas fields of national oil companies (NOCs) to private companies even though its own findings had showed that the latter had performed much worse in both exploration and production in the last five years.

The ‘High-powered Committee on Enhancing Domestic Oil and Gas Exploration’ concluded that while production of crude oil by NOCs remained “largely stagnant from 2013-14 onwards” at 25.6 million tonnes, output from fields operated by private companies fell by 16.5 per cent during the same period.

“Oil production from production sharing contracts (signed with private companies) after reaching the highest production of 12.1 million tonnes in 2013-14 has now reduced to 10.1 million tonnes in 2017-18,” says the committee’s report. Read More

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