ONGC should decide on way to increase oil, gas production: Oil

ONGC should decide on way to increase oil, gas production: Oil

Weeks after ONGC asked its biggest producer oil and gas fields to be handed over to foreign companies, the petroleum ministry on Monday clarified that production from existing fields has to be scaled up by all means including technology and private sector participation. companies in a transparent manner

Amar Nath, additional secretary (exploration) in the ministry of petroleum and natural gas, wrote a three-page letter to ONGC chairman and managing director Subhash Kumar on October 28, stating that the productivity of Mumbai High and Basin & Satellite (B&S) offshore Is. The assets under the state-owned firm were low and international partners should be invited and given 60 percent partnership interest (PI) and operatorship.

The proposal has faced stiff opposition from the management of Oil and Natural Gas Corporation (ONGC) as well as its unions, who feel that its assets are being given on a platter to the private sector.

“The government wants the domestic production of oil and gas to increase rapidly. ONGC being the premier organization has an important role to play,” the ministry said in a statement on Monday.

It states that the area under exploration should be increased so that more discoveries can be made in the country later.

In addition, “production from existing fields should also be optimized and enhanced by drilling more production wells and better management, wherever technically feasible, by employing advanced technology,” it said. “For this, private sector companies can be involved as partners or through different business models to bring in new technology and technology through companies that have experience in it.”

“However, all this has to be done in a transparent manner by following the system and procedures. ONGC has to formulate its plan and take the right decision to increase the domestic production.”

The ministry said the government had decided in February 2019 to allow national oil companies (NOCs) to choose sector-specific models, including farm-out (stake selling) and joint venture/technical services model (TSM), to increase production from their matured. will be free. aging area.

“There is ample scope for many large and small companies in the country to operate in offshore and onshore basins as there is still ample area available,” it added.

Nath, who is the longest-serving director on ONGC’s board, wrote the letter just a day before the company’s strategy meeting.

The ministry said that ONGC had held an internal strategy meeting in Udaipur from October 29 to 31, to prepare a 25-year energy perspective plan, a 15-year exploration plan under exploration and partnering for its key areas. Suggestions were made. Created scope for increased recovery and technology infusion.

(Only the title and image of this report may have been reworked by Business Standard staff; the rest of the content is generated automatically from a syndicated feed.)

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