ONGC told to mark areas for privatisation

The government wants state-owned oil and gas explorer ONGC NSE 0.70 % to carve out non-producing high-potential areas of the prolific Mumbai High and Bassein fields for privatisation, not privatise entire fields, oil secretary Tarun Kapoor told ET.

ONGC produces more than 60% of India’s oil and gas output and has resisted several attempts at privatizing its fields over the past few years.

In the latest move, the oil ministry wrote to ONGC last month, asking it to give away 60% participating interest and operatorship in Mumbai High and Bassein fields to international players.