MUMBAI/NEW DELHI, INDIA: Directorate General of Hydrocarbons (DGH) may be rethinking its plan to sell 60 percent stake in hydrocarbon blocks held by Oil and Natural Gas Corp Ltd (ONGC) and Oil India Ltd (OIL), two people familiar with the development said.
Last November, as a production enhancement measure, DGH had proposed to sell a 60 percent stake in the hydrocarbon fields of ONGC and OIL to private exploration firms. The two firms would retain the rest 40 percent. The plan included 15 blocks—11 of ONGC and four of OIL.
ONGC officials have been protesting against the idea.
“We have written a detailed mail to the DGH providing data to them concerning the fields in question. We have asked them why is there a proposal and need to give 60 percent in these fields to private players as we have been producing from these fields for last three decades. We have been given to understand that the DGH is re-thinking on the plan,” said an ONGC official, one of the two cited above, on condition of anonymity.
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