New Delhi (26.04.2021): The government has drawn up a blueprint for taking ONGC forward in fully commercializing its operations. The public sector company has been advised to sell its stake in oil fields such as Ratna R-Series to private companies, get foreign partners in KG basin gas fields, monetize existing infrastructure, and hive off drilling and other services into a separate firm. Ministry of Petroleum and Natural Gas Additional Secretary (Exploration) Amar Nath is said to have communicated to ONGC Chairman and Managing Director Subhash Kumar a seven-point action plan headlined ‘ONGC Way Forward’ to enable the nation’s largest oil and gas producer raise output by one-third by FY24. The action plan advises ONGC to consider the sale of a 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/privatizing ‘non-performing marginal fields'. It plan also advises ONGC to bring in global players in gas-rich block KG-DWN-98/2 where output is slated to rise sharply by next year, besides the recently operationalized Ashokenagar block in West Bengal. Also identified for the purpose is the Deendayal block in the KG basin.
A new blueprint for ONGC to augment output by 1/3rd
By IndianMandarins - 2021-04-25 13:52:00
New Delhi (26.04.2021): The government has drawn up a blueprint for taking ONGC forward in fully commercializing its operations.
The public sector company has been advised to sell its stake in oil fields such as Ratna R-Series to private companies, get foreign partners in KG basin gas fields, monetize existing infrastructure, and hive off drilling and other services into a separate firm.
Ministry of Petroleum and Natural Gas Additional Secretary (Exploration) Amar Nath is said to have communicated to ONGC Chairman and Managing Director Subhash Kumar a seven-point action plan headlined ‘ONGC Way Forward’ to enable the nation’s largest oil and gas producer raise output by one-third by FY24.
The action plan advises ONGC to consider the sale of a 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/privatizing ‘non-performing marginal fields'.
It plan also advises ONGC to bring in global players in gas-rich block KG-DWN-98/2 where output is slated to rise sharply by next year, besides the recently operationalized Ashokenagar block in West Bengal. Also identified for the purpose is the Deendayal block in the KG basin.
