Government of India asks ONGC to consider selling 60% stake in key oil, gas fields: Source
India’s petroleum ministry has asked state-run explorer Oil NSE 2.49 % 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 NSE 0.65 % 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.
