ONGC offers stake to global oil companies; check deadline

The Maharatna produces around 70% of India's crude oil (equivalent to around 57% of the country's total demand) and around 84% of its natural gas. 

ONGC offers stake to global oil companies; check deadline
ONGC offers stake to global oil companies; check deadline

New Delhi: Public Sector Undertaking Oil and Natural Gas Corporation is seeing the global oil companies to expand and develop their field. India's largest oil and gas producer company is offering a stake worldwide in oil companies.

According to the tender issued by the company, it did not say how much stake it will offer. 

The Maharatna produces around 70% of India's crude oil (equivalent to around 57% of the country's total demand) and around 84% of its natural gas. 

According to Reuters, ONGC is hoping to lure interest from global companies with the "requisite technical expertise and financial strength" to support it in developing its Deen Dayal West field in the Bay of Bengal and ultra-deep discoveries in Krishna Godavari Basin.

ONGC in a tender document mentioned the deadline for submitting expressions of interest is June 16.

ONGC's operations include conventional exploration and production, refining, and progressive development of alternate energy sources like coal-bed methane and shale gas. The company's domestic operations are structured around 11 assets (predominantly oil and gas producing properties), 7 basins (exploratory properties), 2 plants (at Hazira and Uran), and services (for necessary inputs and support such as drilling, geophysical, logging and well services)