Media reports indicate that ONGC plans to re-distribute its stake in the coal-bed methane blocks of North Karanpura and Ranigunj to bidders other than Dart Energy.
ONGC plans to re-distribute the stake because Dart Energy refused to take 25 per cent stake in North Karanpura and 10 per cent stake in Ranigunj block.
Earlier, ONGC selected the Australian company Dart Energy for offering its stake in North Karanpura and 10 per cent stake in Ranigunj block.
ONGC has been trying to rope in private sector operators, having expertise in coal bed methane operations, for the last four years.
The state-run oil and gas firm currently holds 90 per cent operating interest in Ranigunj and 80 per cent each in Bokaro and North Karanpura. Coal India (Ranigunj) and IndianOil (Bokaro and North Karanpura) hold the residual stake as participatory interests.
Though rated as the most prolific CBM blocks in the country with each having 1 trillion cubic feet of reserves, ONGC failed to turn them into producing assets during its decade long exploratory campaign.
After a series of abortive attempts, the PSU major finally firmed up plans in April to rope in a set of two strategic partners, with 25 and 10 per cent stake each, in each of the three exploratory assets.
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