Petroleum Minister Dharmendra Pradhan has said that Centre has asked state-owned ONGC and OIL to sell out their 66 small oil and gas fields to private firms.
ONGC and OIL, are battling stagnation in output from largely aging fields, have a total of 184 tracks.
At present, ONGC is sitting on two dozen discoveries which it had not been able to create. It is because of the current government-mandated price being less than the cost of production.
Petroleum Minister Dharmendra Pradhan has said that Centre has asked state-owned ONGC and OIL to sell out their 66 small oil and gas fields to private firms. This decision was taken as it brought in a new policy to boost domestic production and cut imports.
ONGC and OIL, are battling stagnation in output from largely aging fields, have a total of 184 tracks. These oil companies have been asked to give an enhanced production profile for their 66 areas, which comprises 95 percent of the 36 million tonnes of annual oil production in the country. It will also give freedom to induct private and foreign partners or technology providers.
At present, ONGC is sitting on two dozen discoveries which it had not been able to create. It is because of the current government-mandated price being less than the cost of production.