Government is planning to incentivise Oil and Natural Gas Corporation (ONGC) and Oil India to raise output from fields given without auction to state-run firms in previous years. The government is thinking of offering fiscal incentives to nomination blocks, were the bulk of production lies. The government is auctioning 14 blocks in this round for which bids will be accepted until March 12.
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.
