Centre Urging ONGC To Tie-Up With Private Sector For Output Boost

Government has requested ONGC to hunt non-public sector participation for enhancing output

Government is pushing public sector behemoth ONGC to contain non-public sector firms and repair suppliers wherever doable to assist increase oil and fuel manufacturing, Petroleum Secretary Tarun Kapoor stated Thursday.

Mr Kapoor's feedback got here days after the second-highest ranked official in his ministry requested Oil and Natural Gas Corporation (ONGC) to provide away a 60 per cent stake plus working management in India's largest oil and fuel producing fields of Mumbai High and Bassein to overseas firms.

“ONGC has to explore more so that it can discover more oil and gas reserves and bring them quickly to production to raise domestic output. The government is very clear that ONGC has to do more,” he informed reporters.

India is 85 per cent depending on imports to fulfill its oil wants, and a solution to minimize the excessive import invoice is to extend home manufacturing.

"Naturally, after they do more work, there are areas the place they'll get specialists within the fields… similar to in deepsea,” Mr Kapoor stated.

Discoveries that the corporate hasn't been capable of develop or areas that it hasn't been capable of discover are a number of the examples the place ONGC can contain the non-public sector and overseas firms.

ONGC, he stated, ought to establish areas the place it could actually get non-public sector experience and efficiencies.

These may vary from technical collaboration to giving partially explored and undeveloped discoveries to personal companies.