INSUBCONTINENT EXCLUSIVE:
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.
