NEW DELHI: Weeks after its second-highest-ranking official asked ONGC to give away its largest producing oil and gas fields to foreign companies, the Petroleum Ministry on Monday clarified that production from existing fields has to be increased through all means including technology and involvement of the private sector companies in a transparent manner.
Amar Nath, additional secretary (exploration) in the Ministry of Petroleum and Natural Gas, had on October 28 written a three-page letter to ONGC Chairman and Managing Director Subhash Kumar, saying productivity of the Mumbai High and Bassein & Satellite (B&S) offshore assets under state-owned firm was low and international partners should be invited and given 60 per cent participating interest (PI) and operatorship.
The proposal has met with strong resistance from the management of Oil and Natural Gas Corporation (ONGC) as well as its unions who feel its assets are being given away on a platter to the private sector.
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