Oil ministry tells ONGC to cede Mumbai High, Bassein fields to foreign cos

NEW DELHI: In a move harking back to the days of P V Narasimha Rao’s government, the oil ministry has asked state-run ONGC to cede ownership and control of the Mumbai High as well as Bassein and its satellite fields to foreign companies with a view to raising production.
On October 28, additional secretary (exploration) in the ministry Amar Nath wrote to ONGC chairman Subhash Kumar saying the company give away 60% PI (participating interest) in these fields and operatorship to international partners as the current production was low.
Mumbai High is the country’s crown jewel and Bassein the largest gas source. The offshore fields together account for 50% of domestic gas and over 23% of oil production.