The Union cabinet on Tuesday cleared a proposal to allow state-run Oil and Natural Gas Corporation (ONGC) and Oil India Ltd (OIL) to induct private sector partners for production enhancement in their oil and gas blocks.
“For production enhancement, bringing new technology, and capital, …[they] will be allowed to induct private sector partners,” a statement issued after the cabinet meeting said.
The objective of the policy is to attract new investment in exploration and production (E&P) sector, it said.
