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 on Thursday.
India, the world’s third biggest oil consumer and importer, wants to quickly monetise its oil and gas reserves and has been asking ONGC for years to raise production.
The country’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.
ONGC’s Mumbai High and Bassein and Satellite oil and gas fields offshore western India account for a major chunk of its local output.
