(ET)
India’s petroleum ministry has asked state-run explorer Oil and Natural Gas Corp to consider selling a 60% stake in its two major oil and gas fields to private companies to boost output, a government source said.
India, the world’s third biggest oil consumer and importer, wants to quickly monetize its oil and gas reserves and has been asking asking ONGC for years to raise production. India’s dependence on foreign oil has gradually risen to more than 80% as its local oil and gas output has been stagnating for years amid rising local refining capacity.
