ONGC gives 50% stake in Mumbai High, Basai field to foreign companies

(PTI) New delhi date. 1

The Petroleum Ministry has asked ONGC to hand over 50 per cent operating control in Mumbai High and Basai, the country's largest oil and gas producing regions, to foreign companies. In this regard, a letter was written to the Government of India company on 5 October.

Amar Nath, Additional Secretary, Ministry of Petroleum and Natural Gas, has written a letter to Subhash Kumar, Chairman and Managing Director, ONGC (Owl & Natural Gas Company), stating that Mumbai High and Basai & Satellite (B&S) offshore, which come under the public sector company, have low production. In this situation, international partners should be invited and given 50 per cent share operating control.

This is the second time since April that Nath has written an official letter citing the company's poor performance. He has long been a government-appointed director in ONGC's management and is part of the management.

It is believed that he will replace Kumar next year. A letter to ONGC said the redevelopment project would boost production.

Nath further said that the field has the potential to make a significant contribution to domestic production. Foreign companies should be invited to infrastructure such as pipelines and platforms in the area.