Union Petroleum Minister Dharmendra Pradhan on Thursday called out state-owned upstream oil and gas companies ONGC and OIL for not monetising oil and gas fields for long periods and said the government would look into methods to monetise such resources at the earliest.
“If a company has come into possession of a resource through a process, it does not mean they will have it indefinitely,” he said, at the launch of the third round of auctions for small fields with proven reserves under the Discovered Small Fields (DSF) regime.
He called on the Directorate General of Hydrocarbons and the Oil Ministry to present a path to quickly monetise resources that have remained undeveloped.
