The centre has asked ONGC to give
away a 60% stake in the Mumbai High and Bassein oil and gas fields to foreign
entities.
The government cited low productivity of the Mumbai High and
B&S offshore assets as the reason.
“The field has substantial potential
to contribute to domestic production,” a media report said.
Pipelines and platforms on the fields are
ageing and need replacement, it said.
The ONGC will find this challenging as its
development projects have lagged.
Procedural aspects and other constraints
will not encourage ONGC to take quick decisions.
The Petroleum Ministry also said that domestic crude oil
production dipped 20% to 30.5 million tones.
