Oil Ministry to ONGC: Give 60% control in Mumbai High, Bassein fields to foreign cos

The petroleum ministry has told ONGC NSE 0.39 % to give away 60%stake plus operating control in India’s largest oil and gas producing fields of Mumbai High and Bassein to foreign companies, according to an October 28 letter to the state-owned company.

Amar Nath, additional secretary (exploration) in the Ministry of Petroleum and Natural Gas, wrote a 3-page letter to ONGC Chairman and Managing Director Subhash Kumar, saying productivity of the Mumbai High and Bassein & Satellite (B&S) offshore assets under state-owned firm was low and international partners should be invited and given 60 per cent participating interest (PI) and operatorship.