Low recovery of oil and gas from domestic fields and growing sentiment against fossil fuels have led to the government deciding to move ahead to monetise undeveloped fields and mature fields with falling output, according to government officials.
Last Thursday, Petroleum Minister Dharmendra Pradhan said that government companies cannot hold on to undeveloped resources indefinitely and suggested that these companies should seek to find technology partners or investors who can bring the expertise to monetise such fields quickly. India imports more than 85 per cent of its crude oil requirements.
“There is a sentiment developing against fossil fuels if you look at the latest report by the IEA (International Energy Agency) and the judgment against Shell.
