Oil and Natural Gas Corporation (ONGC) and Oil India (OIL) spent over Rs 13,000 crore on 115 oil and gas discoveries which were taken away from them by the government for auctioning to private companies.
The present BJP-led NDA government took away so-called idle small and marginal discoveries of ONGC and OIL and auctioned them to private firms under Discovered Small Field (DSF) bid rounds. Under DSF bid round-1, 67 discoveries, mostly of ONGC, were auctioned, while in the second round, bids for which are due next month, another 48 finds are being auctioned.
ONGC is India’s largest government-run corporation and produces about 70% of India’s crude oil and natural gas. The corporation is the biggest public sector commercial organization in India.
