India asks ONGC to sell stake in west India oil fields

Market: Crude oil
12/11/21

India's oil ministry has asked state-controlled upstream company ONGC to divest its stake in the Mumbai High and Bassein & Satellite oil fields, and to identify areas to rope in private-sector participants to increase production.

The company was asked to divest a 60pc stake in the fields off India's west coast, which are ONGC's biggest producing assets, source close to the company told Argus.

The company has to explore more to raise domestic output and has to invite private-sector and foreign participation, petroleum ministry secretary Tarun Kapoor said, adding that ONGC should identify areas to involve the private sector.

India is the world's third largest energy consumer and imports nearly 84pc of its crude needs. The government has been taking steps to increase domestic production, which will reduce its dependence on foreign crude.

By Sathya Narayanan and S Dinakar

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22/04/25

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22/04/25

Tariff ‘shock’ prompts IMF to cut growth outlook

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IMF anticipates lower growth from US tariffs

17/04/25

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17/04/25

IMF anticipates lower growth from US tariffs

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BP defends pivot in face of investor discontent

17/04/25

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17/04/25

BP defends pivot in face of investor discontent

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Risks rising for possible recession in Mexico: Analysts

17/04/25

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17/04/25

Risks rising for possible recession in Mexico: Analysts

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