The government has proposed a detailed action plan to boost the dwindling oil and gas production of state-run Oil and Natural Gas Corporation (ONGC) that includes hiving off non-core businesses into separate companies, monetising existing infrastructure, decentralisation of decision-making on operational matters and partnerships with private energy majors, two officials familiar with the matter said on Monday.<\/p>\n
In lines with the Atmanirbhar Bharat (Self-reliant India) policy, the government has decided to reduce India\u2019s over-reliance on imported oil. It has set production targets of 40 million metric tonnes (MMT) of crude oil, and 50 billion cubic meters (BCM) of gas by 2023-24 where ONGC is tasked to contribute 70%, the officials said requesting anonymity. India imported over 89% of crude oil it processed in 2019-20.<\/p>\n
\u201cIndia\u2019s domestic crude oil production is constantly on a decline. It is mainly because ONGC, which contributes about 70% of the domestic output, is unable to ramp up production from existing fields and could not add new fields under production.<\/p>\n","protected":false},"excerpt":{"rendered":"
The government has proposed a detailed action plan to boost the dwindling oil and gas production of state-run Oil and Natural Gas Corporation (ONGC) that includes hiving off non-core businesses into separate companies, monetising existing infrastructure, decentralisation of decision-making on operational matters and partnerships with private energy majors, two officials familiar with the matter said on Monday. In lines with the Atmanirbhar Bharat (Self-reliant India) policy, the government has decided to reduce India\u2019s over-reliance on imported oil. It has set production targets of 40 million metric tonnes (MMT) of crude oil, and 50 billion cubic meters (BCM) of gas by […]<\/p>\n","protected":false},"author":44,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[141,130,183],"tags":[],"class_list":["post-410543","post","type-post","status-publish","format-standard","hentry","category-hindustantimes","category-newspapers","category-oil-gas-hindustantimes"],"acf":[],"_links":{"self":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/posts\/410543","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/users\/44"}],"replies":[{"embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/comments?post=410543"}],"version-history":[{"count":0,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/posts\/410543\/revisions"}],"wp:attachment":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/media?parent=410543"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/categories?post=410543"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/tags?post=410543"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}