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Oil ministry tells ONGC to sell oilfields; hive off drilling, other services


Oil ministry tells ONGC to sell oilfields; hive off drilling, other services
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Last Updated: Apr 25, 2021, 03:56 PM IST
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Synopsis
The action plan calls on ONGC to consider sale of stake in maturing fields such as Panna-Mukta and Ratna and R-Series in western offshore and onshore fields like Gandhar in Gujarat to private firms while divesting/privatising non-performing marginal fields.
Agencies
The ministry also wants the company to explore creating separate entities for drilling, well services, logging, workover services and data processing entities.
The petroleum ministry has told India s largest oil and gas producer
ONGC to sell stake in producing oil fields such as to Ratna R-Series to private firms, get foreign partners in KG basin gas fields, monetise existing infrastructure, and hive off drilling and other services into a separate firm to raise production. Amar Nath, additional secretary (exploration) in the Ministry of Petr ....

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Petroleum Ministry orders ONGC to sell oilfields; hive off operations


Petroleum Ministry orders ONGC to sell oilfields; hive off operations
Union Petroleum Ministry also wants the state-run oil and gas producer to explore creating separate entities for drilling, well services, logging, workover services and data processing entities
PTI | April 26, 2021 | Updated 01:35 IST
The petroleum ministry has told India s largest oil and gas producer ONGC to sell stake in producing oil fields such as to Ratna R-Series to private firms, get foreign partners in KG basin gas fields, monetise existing infrastructure, and hive off drilling and other services into a separate firm to raise production.
Amar Nath, additional secretary (exploration) in the Ministry of Petroleum and Natural Gas, on April 1 wrote to Oil and Natural Gas Corporation (ONGC) Chairman and Managing Director Subhash Kumar giving a seven-point action plan, ONGC Way Forward that would help the firm raise oil and gas production by one-third by 2023-24. ....

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Sell oilfields; hive off drilling, other services: Oil ministry to ONGC


The petroleum ministry has told India s largest oil and gas producer ONGC to sell stake in producing oil fields such as to Ratna R-Series to private firms, get foreign partners in KG basin gas fields, monetise existing infrastructure, and hive off drilling and other services into a separate firm to raise production.
Amar Nath, additional secretary (exploration) in the Ministry of Petroleum and Natural Gas, on April 1 wrote to Oil and Natural Gas Corporation (ONGC) Chairman and Managing Director Subhash Kumar giving a seven-point action plan, ONGC Way Forward that would help the firm raise oil and gas production by one-third by 2023-24. ....

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