Oil ministry tells ONGC to sell oilfields, monetise infrastructure

The petroleum ministry has told Indias largest oil and gas producer ONGC to sell stake in producing oil fields such as to Ratna R-Series to private firms, get foreign partners in KG basin gas fields, monetise existing infrastructure, and hive off drilling and other services into a separate firm to raise production.

Amar Nath, additional secretary (exploration) in the Ministry of Petroleum and Natural Gas, on April 1 wrote to Oil and Natural Gas Corporation (ONGC) Chairman and Managing Director Subhash Kumar giving a seven-point action plan, ONGC Way Forward that would help the firm raise oil and gas production by one-third by 2023-24.

The action plan, reviewed by

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