Govt asks ONGC, Oil India to auction 66 oil and gas fields

The national oil companies have been asked to provide production profile for 66 of these fields, which contribute 95% of the 36mn tonne of annual oil production in the country. The state run oil companies have been given the option of choosing private and foreign partners or technology providers.

Feb 22, 2019 07:02 IST India Infoline News Service

ONGC
India plans to sell 66 small oil and gas fields of ONGC and Oil India in order to increase production to reduce the import bill of fossil fuels.

ONGC and Oil India Ltd., who are struggling with low output from largely ageing fields, have a total of 184 fields. The national oil companies have been asked to provide the production profile for 66 of these fields, which contribute 95% of the 36mn tonne of annual oil production in the country.

The state run oil companies have been given the option of choosing private and foreign partners or technology providers.

They have been allowed to retain another 52 fields (49 by ONGC and 3 by OIL) where enhanced oil recovery or improved oil recovery programmes are being implemented.

The remaining 66 fields, which currently contribute about 5% of total output, will be auctioned or sold to private players with revenue shared between the two firms. 

Oil & Natural Gas Corpn Ltd is currently trading at Rs149.50 up by Rs2.5 or 1.7% from its previous closing of Rs147 on the BSE.

The scrip opened at Rs148.25 and has touched a high and low of Rs149.90 and Rs147 respectively. So far 1,01,81,689 (NSE+BSE) shares were traded on the counter.

Oil India Ltd is currently trading at Rs177.05 up by Rs4.7 or 2.73% from its previous closing of Rs172.35 on the BSE.

The scrip opened at Rs173.45 and has touched a high and low of Rs177.30 and Rs172.50 respectively. So far 13,84,406 (NSE+BSE) shares were traded on the counter. 

Related Story