(PTI)
The fields would be auctioned and any firm committing the maximum capital investment within 10 years of the contract award and the largest share out of its net revenue to the government would be awarded the field. Nearly 25 years after ONGC’s prime discovered oilfields were privatised, the oil ministry has identified 11 more producing oil and gas fields of the state- run firm for handing over to private firms to raise output.
The ministry is approaching the Cabinet to allow private companies take 60 per cent stake in producing oil and gas fields of national oil companies, ONGC and OIL, with the view that they would raise production above the baseline estimate. As many as 15 fields – 11 of Oil and Natural Gas Corp (ONGC) and four of Oil India Ltd (OIL) – with cumulative inplace reserve of 791.2 million tonnes of crude oil and 333.46 billion cubic metres of gas have been identified, sources privy to the development said. These include Kalok, Ankleshwar, Gandhar and Santhal – the big four oilfields of ONGC in Gujarat.
