November 27, 2021

The World Stock Markets Tips & Targets, News, Views & Updates

The World Stock Markets Tips & Targets, News, Views & Updates

Centre clears air on proposal to give away Mumbai High field to pvt sector

Government on Monday issued a clarification on the media reports about Oil Ministry’s proposal to give away High field of to private sector

“Ministry of Petroleum and Natural Gas will like to clarify that had conducted an internal Strategy Meet at Udaipur from October 29-31, 2021 for which suggestions, including making a 25 years energy perspective plan, 15 years exploration plan by taking more acreages under exploration, and having partnerships for its major fields, with scope of enhancing recovery and technology infusion, were made,” said

The government had decided in February 2019 that National Oil Companies (NOCs) would be free to choose field specific models including farm out and Joint Venture (JV)/ Technical Service Model (TSM) for enhancing production from their mature and ageing fields, the ministry said.

“The government is keen that the domestic production of oil and gas should increase exponentially. ONGC, being the leading organisation, has to play an important role. While on one side, area under exploration has to be increased which would subsequently lead to more new discoveries in the country. On the other side, production from existing fields has also to be optimised and increased wherever possible by employing advanced technology, drilling more production wells, wherever technically feasible, and better management.

“For this private sector companies can be involved as partners or through various business models so that new techniques and technology can be brought in through such companies which have experience in this. However, all this has to be done by following system and procedures in a transparent manner. has to prepare its plan and take right decisions in order to increase domestic production. There is enough scope for several large and small companies to operate in the offshore and onshore basins in the country as substantial area is still available,” the ministry further said.

Dear Reader,

Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor

Share This :