Petroleum ministry asks ONGC to privatise oil and gas fields to boost production

With a decline in India's crude oil production and natural gas output in FY20-21, the petroleum ministry has made its third attempt to get Oil and Natural Gas Corporation (ONGC) to privatize its oil and gas fields along with other infrastructures to raise production. The Ministry of Petroleum and Natural Gas, on April 1, wrote to India’s largest producer of oil and natural gas asking it to sell its stake in oil fields to private firms and get foreign partners in KG basin gas fields. The letter also sought to monetize existing infrastructure and hive off drilling and other services into a separate firm to increase production.