ONGC must engage pvt sector to boost domestic output: Oil secy Tarun Kapoor

Wants the energy giant to increase area under exploration; options on the table include selling stake to private players, exploring partnerships

The Ministry of Petroleum and Natural Gas has suggested that Oil and Natural Gas Corporation (ONGC) farm out portions of its producing assets to private entities to boost crude oil and gas output.

This could be in the form of selling stakes to private players and exploring partnerships.

“We are telling ONGC to increase the area under exploration,” Petroleum Secretary Tarun Kapoor told Business Standard.

ONGC’s crude oil output has been steadily declining over the past five years. Standalone crude oil production in 2016-17 stood at 22.249 million tonnes (mt) but it fell to 20.273 mt in 2020-21.

ONGC’s gas production has been going