The petroleum ministry has told India’s largest oil and gas producer Oil and Natural Gas Corporation (ONGC) to sell stake in producing oil fields such as to Ratna R-Series to private firms, get foreign partners in KG basin gas fields, monetise existing infrastructure, and hive off drilling and other services into a separate firm to raise production.
The ministry also wants the company to explore creating separate entities for drilling, well services, logging, workover services and data processing entities.
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.
