Govt asks ONGC to give 60% stake in mainstay oil fields to foreign firms

Production at Mumbai High and Bassein & Satellite offshore assets under state-owned firm is low, says letter by petroleum ministry.

The petroleum ministry has told ONGC to give away 60% stake plus operating control in India's largest oil and gas producing fields of Mumbai High and Bassein to foreign companies, according to an October 28 letter to the state-owned company.

Amar Nath, additional secretary (exploration) in the Ministry of Petroleum and Natural Gas, wrote a 3-page letter to ONGC Chairman and Managing Director Subhash Kumar, saying productivity of the Mumbai High and Bassein & Satellite (B&S) offshore assets under state-owned firm was low and international partners should be invited and given 60 per cent participating interest (PI) and operatorship.

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