ONGC wants to reduce cycle from discovery to production, says chairman

State-owned company will hand over 49 oil fields to private players and is discussing listing its foreign subsidiary, says Shashi Shanker.

Global crude oil prices have been volatile this year. Shashi Shanker, chairman and managing director of state-owned Oil and Natural Gas Corporation, told Business Standard in an interview the country’s largest oil producer will be realising lower value than last year despite the recent spurt in global prices. Edited excerpts of the interview with Twesh Mishra and Jyoti Mukul:

How does the recent increase in oil prices impact ONGC since your prices are also linked to the international market?

From a company perspective, higher prices mean better for us. But from an India perspective, because we are an import-dependent economy,