The petroleum ministry has told ONGC to give away a 60 per cent 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 the state-owned firm was low and international partners should be invited and given 60 per cent participating interest (PI) and operatorship.
