ONGC says want foreign partners in new fields

India’s flagship oil and gas producer ONGC on Wednesday said it is seeking foreign partners for yet-to-be-developed fields in lesser prospective areas but is shackled by uneconomic gas prices and tax structure.

Reacting to a PTI report on the Petroleum Ministry asking Oil and Natural Gas Corporation NSE 0.00 % (ONGC) to sell stake in producing oil fields to private firms, get foreign partners in KG basin gas fields, monetize existing infrastructure and hive off drilling and other services into a separate company to raise production, the state-owned firm said the ongoing discussions with the administrative ministry were neither new nor intended to limit its role or growth.