Take the pledge to vote

For a better tommorow#AajSawaroApnaKal
  • I agree to receive emails from News18

  • I promise to vote in this year's elections no matter what the odds are.
  • Please check above checkbox.


Thank you for
taking the pledge

But the job is not done yet!
Vote for the deserving candidate this year.

Check your mail to know more


Issued in public interest by HDFC Life. HDFC Life Insurance Company Limited (Formerly HDFC Standard Life Insurance Company Limited) (“HDFC Life”). CIN: L65110MH2000PLC128245, IRDAI Reg. No. 101 . The name/letters "HDFC" in the name/logo of the company belongs to Housing Development Finance Corporation Limited ("HDFC Limited") and is used by HDFC Life under an agreement entered into with HDFC Limited. ARN EU/04/19/13618
LIVE TV DownloadNews18 App
News18 English
2-min read

DGH Seeks Data on ONGC's Top 47 Fields After Rejection of Bid to Privatise Fields

A high-level committee headed by NITI Aayog Vice Chairman Rajiv Kumar had in late 2018 considered "transferring" giants such as Mumbai High, Vasai East and seven other fields of ONGC to private/foreign companies.


Updated:March 31, 2019, 1:50 PM IST
DGH Seeks Data on ONGC's Top 47 Fields After Rejection of Bid to Privatise Fields
The logo of Oil and Natural Gas Corp's (ONGC) is pictured along a roadside in Ahmedabad. (Image: Reuters)
New Delhi: After a plan to privatise ONGC's biggest oil and gas fields was nipped in the bud, upstream regulator DGH has asked the state-owned firm to submit detailed data on its top 47 fields to monitor production and projects to raise output, an official order said.

A high-level committee headed by NITI Aayog Vice Chairman Rajiv Kumar had in late 2018 considered "transferring" giants such as Mumbai High, Vasai East and seven other fields of ONGC to private/foreign companies but had to shelve the plan in face of strong opposition from both within the government and the company.

The final report that the committee submitted on January 29 had watered down the proposal by recommending freedom to national oil companies (NOCs) to choose field-specific implementation model including farm out, joint venture or technical service model for raising output from 59 fields — 47 of ONGC and 12 of Oil India Ltd (OIL) that contribute 95 per cent of the country's current output.

The report, which suggested asking NOCs to provide enhanced production profile for all the fields that were given on nomination basis, was approved the Union Cabinet headed by Prime Minister Narendra Modi on February 19.

Subsequent to that, the Directorate General of Hydrocarbons (DGH) on March 20 wrote to Oil and Natural Gas Corp (ONGC) and OIL to submit "by second week of July 2019" all "data pertaining to 59 nomination fields of NOCs."

DGH said the timetable for submission of all data pertaining to 59 nomination fields of NOC was finalised in a meeting chaired by Secretary, Petroleum and Natural Gas, on March 7.

It prescribed formats for submission of the data which should include exploration and development history of the field, reservoir characteristics, well details, oil and gas initially in place and field production history since inception.

Besides, technical data including raw 2D and 3D seismic data as well as gravity magnetic and petrophysical data, well completion report, cost incurred, reservoir performance and report on field infrastructure has been sought in as many as 10 different forms, according to the DGH letter.

While private investment in upstream oil and gas exploration and production has been elusive due to regulatory uncertainties, the Petroleum Ministry blamed NOCs for not doing enough for the flagging domestic production.

Modi has set a target of cutting oil import dependence by 10 per cent to 67 per cent by 2022. But faced with dipping domestic output and rising demand, the import dependence has risen to 83 per cent.

The ministry as well as some in the industry believe the easy way to raise output would be to hand over ONGC's top fields to private/foreign companies who can infuse technology to raise output.

NOCs, on the other hand, say they too can get technology provided they are given the same liberal fiscal terms that are promised to private and foreign companies. Twice during the current government's regime proposals were moved to farm-out or privatise ONGC fields but were shelved in face of opposition, industry sources said adding the latest bid came in late 2018.
Read full article
Next Story
Next Story

Also Watch

T&C Apply. ARN EU/04/19/13626
Most Active
Company Price Change %Gain
Tata Motors 218.75 -5.57
PC Jeweller 135.00 6.38
Reliance 1,373.75 0.73
Yes Bank 232.50 -0.09
Maruti Suzuki 6,966.95 -1.16
Company Price Change %Gain
PC Jeweller 135.00 6.59
Tata Motors 219.25 -5.25
Indiabulls Real 119.05 12.79
Maruti Suzuki 6,971.95 -1.00
Yes Bank 232.55 -0.13
Top Gainers
Company Price Change %Gain
ONGC 167.60 2.35
HCL Tech 1,125.05 2.09
BPCL 342.60 1.86
Bharti Airtel 321.75 1.66
IOC 151.95 1.71
Company Price Change %Gain
ONGC 167.65 2.26
HCL Tech 1,125.25 2.02
Bharti Airtel 321.40 1.64
IndusInd Bank 1,675.75 1.28
Asian Paints 1,449.05 1.24
Top Losers
Company Price Change %Gain
Tata Motors 218.30 -5.76
Hero Motocorp 2,596.70 -1.57
Grasim 856.95 -1.44
ITC 299.00 -1.45
Maruti Suzuki 6,966.95 -1.16
Company Price Change %Gain
Tata Motors 219.25 -5.25
Hero Motocorp 2,602.00 -1.33
ITC 299.10 -1.40
Kotak Mahindra 1,343.00 -1.18
Maruti Suzuki 6,971.95 -1.00

Live TV

Countdown To Elections Results
  • 01 d
  • 12 h
  • 38 m
  • 09 s
To Assembly Elections 2018 Results