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Govt to auction oil fields of ONGC

Oil & Gas
May 1, 2015May 1, 2015
Govt to auction oil fields of ONGC
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The Petroleum Ministry has floated a note for the Cabinet Committee on Economic Affairs for auctioning 69 small and marginal oil fields that state-owned Oil and Natural Gas Corporation (ONGC) and Oil India Limited are ¨surrendering¨ to private companies, as they were uneconomical to develop due to the government´s subsidy sharing mechanism, sources said. As many as 63 discovered oil and gas fields are being surrendered by ONGC and another six by OIL.

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