Plan to sell stakes in ONGC, OIL fields to hit state explorers' profit

India plans to offer stakes of up to 60 percent in oil and gas fields owned by state energy companies that are already in production to private firms, five sources with knowledge of the matter said, a move that would hit revenues of state explorers.

The government is making the decision after failing to draw investment from global oil majors in new fields.

The plan is meant to boost India’s domestic oil and gas output and help meet Prime Minister Narendra Modi’s target to reduce oil imports by 10 percent by 2022.

India is the world’s third-largest crude importer, buying about