Output enhance: ONGC advised to promote oilfields, hive off providers
1 min read With a watch on elevating manufacturing, the Petroleum Ministry has advised Oil and Natural Gas Corporation (ONGC) to promote stake in producing oil fields akin to Ratna R-Series to non-public corporations, get overseas companions in KG basin gasoline fields, monetise present infrastructure, and hive off drilling and different providers right into a separate agency.
Amar Nath, Additional Secretary (Exploration) within the Ministry of Petroleum and Natural Gas, on April 1, wrote to ONGC Chairman and Managing Director Subhash Kumar giving a seven-point motion plan, ‘ONGC Way Forward’ that may assist the nation’s largest oil and gasoline producer elevate output by one-third by FY24.
The motion plan, reviewed by PTI, calls on ONGC to contemplate sale of stake in maturing fields akin to Panna-Mukta and Ratna and R-Series in western offshore and onshore fields like Gandhar in Gujarat to non-public corporations whereas divesting/privatising ‘non-performing’ marginal fields.
It wished ONGC to herald world gamers in gas-rich block KG-DWN-98/2 the place output is slated to rise sharply by subsequent yr, and the not too long ago introduced into manufacturing Ashokenagar block in West Bengal. Also recognized for the aim is the Deendayal block within the KG basin.
(With PTI inputs)
