ONGC’s union opposes ‘plating’ Mumbai high to private sector

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ONGC’s union opposes ‘plating’ Mumbai high to private sector

New Delhi, Nov 21 (PTI) A union of Oil and Natural Gas Corporation (ONGC) officials has strongly opposed the petroleum ministry’s proposal to “plating” the company’s largest oil and gas fields to foreign companies. .

The union says that instead of taking such a step, the government should empower the company and provide it with equal opportunities.

ONGC’s union of officers ‘Association of Scientific and Technical Office’ appeals to Petroleum Minister Hardeep Singh Puri against the proposal of Amar Nath, Additional Secretary (Exploration) in the Ministry of Petroleum and Natural Gas, to give 60 per cent stake in Mumbai High and operational international partners. Has been put

Amar Nath has proposed to hand over 60 per cent stake in Basin and Satellite (B&S) offshore assets to international partners to increase production.

This union represents 17,000 officers of ONGC. The union said the company and its employees are fully engaged with the government’s objective of increasing domestic production to cut imports. To achieve this objective, ONGC should be provided with the same financial and regulatory regime as the private sector for oil and gas exploration, the union said.

The union, in a letter to Puri on November 11, said that the gas pricing below the market price fixed by the government for ONGC’s fields should be reviewed to make production viable from small and remote areas. Also ONGC should be given the freedom to market small pools of natural gas, which is not viable in the current pricing regime.

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Apart from maximizing statutory clearances and authorizations for ONGC, there is a need to change the procedural aspects to help the company take faster decisions, the letter said.

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