Government has actually asked ONGC to look for private sector participation for increasing outputGovernment is pushing public sector leviathan ONGC to involve economic sector companies and company any place possible to assist raise oil and gas production, Petroleum Secretary Tarun Kapoor said Thursday.Mr Kapoor's remarks came days after the second-highest ranked authorities in his ministry asked Oil and Natural Gas Corporation (ONGC) to give away a 60 percent stake plus operating control in India's largest oil and gas producing fields of Mumbai High and Bassein to foreign business.
ONGC needs to check out more so that it can discover more oil and gas reserves and bring them rapidly to production to raise domestic output.
The federal government is very clear that ONGC needs to do more, he informed reporters.India is 85 percent dependent on imports to satisfy its oil requires, and a method to cut the high import costs is to increase domestic production.
Naturally, when they do more work, there are areas where they can get specialists in the fields ...
such as in deepsea, Mr Kapoor said.Discoveries that the business hasn't been able to establish or areas that it hasn't had the ability to explore are a few of the examples where ONGC can include the private sector and foreign companies.ONGC, he stated, must recognize locations where it can get economic sector proficiency and efficiencies.These could vary from technical partnership to giving partially explored and undeveloped discoveries to private firms.