ONGC, Oil India told to sell more energy blocks to private explorers

Indian government overhauls rules in a bid to boost domestic crude oil output

20190222 ONGC Logo_2048x1152.jpg

ONGC, which accounts for more than 60% of the domestic crude production, has been witnessing a slowdown over the past several months as key wells operated by the explorer failed to boost output.

MUMBAI (NewsRise) -- India has asked state-owned oil explorers Oil and Natural Gas Corp. and Oil India to sell 66 small oil producing fields as Asia's third-largest economy overhauls exploration rules to expand output and cut down reliance on crude import.

"After the changes introduced to India's hydrocarbon exploration policy, the government has moved the emphasis from earning more revenue to increasing production from these fields," Oil Minister Dharmendra Pradhan told reporters at a news conference in New Delhi.

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