Government has asked ONGC to take private sector participation to increase production
Petroleum Secretary Tarun Kapoor on Thursday said the government is pushing for involving private sector companies and service providers to help public sector giant ONGC increase oil and gas production.
Mr Kapoor’s remarks came days after the second highest-ranking official in his ministry asked Oil and Natural Gas Corporation (ONGC) to give 60 per cent stake and operational control in Mumbai High and Basin, India’s largest oil and gas producing fields. I have come companies.
“ONGC will have to explore more so that it can discover more oil and gas reserves and bring them into production faster to increase domestic production. The government is very clear that ONGC has to do more,” he told reporters.
India is 85 percent dependent on imports to meet its oil needs, and one way to cut the high import bill is to increase domestic production.
“Naturally, when they overwork, there are areas where they can find specialists in areas … such as in the deep sea,” Mr. Kapoor said.
The discoveries that the company has not been able to develop or the areas it has not been able to explore are some of the examples where ONGC can involve private sector and foreign companies.
He said that ONGC should identify those areas where it can get the expertise and expertise of the private sector.
These can range from technical support to giving away partially discovered and undeveloped discoveries to private firms.
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