Nearly 25 years after Oil and Natural Gas Corp. Ltd’s (ONGC’s) prime oilfields were privatized, the oil ministry has identified 11 more functional oil and gas fields of the state-run firm for handing over to private firms to raise output.
The oil ministry is expected to approach the Union Cabinet to allow private companies take 60% stake in producing oil and gas fields of national oil companies, ONGC and Oil India Ltd (OIL), with the view that they would raise production above the baseline estimate.
Credit: livemint.com
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