(PTI)
State-owned ONGChas torn into regulator DGH’s proposal for auctioning its discovered oil and gas fields, saying national oil companies can raise production if they are offered the same fiscal concessions as being extended to private companies.
In para-wise comments on the Directorate General of Hydrocarbons’ (DGH) proposal to auction 60 per cent stake in some producing oil and gas fields of ONGC and Oil India Ltd, ONGC said national oil companies (NOCs)should also be allowed to participate in the auction.
DGH has identified 15 discovered and producing fields – 11 of Oil and Natural Gas Corp (ONGC) and four of Oil India Ltd – with a cumulative in-place reserve of 791.2 million tonnes of crude oil and 333.46 billion cubic metres of gas, for auctioning on the plea that private involvement will raise output.
