The suggestion for “having partnerships for its major fields” was made in the Oil and Natural Gas Corporation’s (ONGC) internal strategy meet itself, the Union ministry of petroleum and natural gas (MoPNG) said on Monday.
Stating that “there are reports in some newspapers about privatisation of Mumbai High field of ONGC on proposal from MoPNG,” the government said that it wants domestic production of oil and gas to “increase exponentially” and “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”. It added that, “however, all this has to be done by following system and procedures in a transparent manner”.
Citing a letter to ONGC chairman Subhash Kumar from MoPNG additional secretary Amar Nath, FE had reported on November 2 that the government has asked ONGC to consider divesting 60% stake in the country’s largest producing oil and gas assets in Mumbai offshore. The latest government statement did not comment on the content of the aforementioned letter.
The latest statement said that during ONGC’s internal strategy meet at Udaipur, held between October 29 and October 31, other suggestions such as preparing a 25 years energy perspective plan, 15 years exploration plan and having partnerships for its major fields with scope of enhancing recovery and technology infusion, were also made.