The Government will give Oil and Natural Gas Corp (ONGC) pricing and marketing freedom for yet to be developed discoveries and will charge less royalty for raising production from existing fields. The government has approved a new exploration policy that contains a slew of measures for boosting domestic production of oil and gas.
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.
