ONGC, OIL may get to choose partners by auctioning in select blocks

State-run Oil and Natural Gas Corporation (ONGC) and Oil India (OIL) may gain rights to choose their partners by auctioning select blocks to private players as part of the government’s production enhancement policy. However, ONGC’s resistance to the inclusion of Bassein, India’s largest gas field, remains a hurdle.

A high-level committee comprising officials from the Directorate General of Hydrocarbons (DGH) and the petroleum ministry is set to meet ONGC and OIL executives later this week to resolve differences.

The production enhancement policy is part of a strategy by the government to bring down crude oil imports by 10 per cent by 2022.

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