Authorities has requested ONGC to hunt non-public sector participation for enhancing output
Authorities is pushing public sector behemoth ONGC to contain non-public sector corporations and repair suppliers wherever potential to assist increase oil and fuel manufacturing, Petroleum Secretary Tarun Kapoor mentioned Thursday.
Mr Kapoor’s feedback got here days after the second-highest ranked official in his ministry requested Oil and Pure Fuel Company (ONGC) to provide away a 60 per cent stake plus working management in India’s largest oil and fuel producing fields of Mumbai Excessive and Bassein to international corporations.
“ONGC has to discover extra in order that it might probably uncover extra oil and fuel reserves and convey them rapidly to manufacturing to lift home output. The federal government could be very clear that ONGC has to do extra,” he advised reporters.
India is 85 per cent depending on imports to satisfy its oil wants, and a strategy to lower the excessive import invoice is to extend home manufacturing.
“Naturally, after they do extra work, there are areas the place they’ll get specialists within the fields… resembling in deepsea,” Mr Kapoor mentioned.
Discoveries that the corporate hasn’t been capable of develop or areas that it hasn’t been capable of discover are a few of the examples the place ONGC can contain the non-public sector and international corporations.
ONGC, he mentioned, ought to establish areas the place it might probably get non-public sector experience and efficiencies.
These may vary from technical collaboration to giving partially explored and undeveloped discoveries to personal companies.
