InvestorQ : Why are ONGC workers union unhappy with the decision to sell a stake in Bombay High to global companies?
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Why are ONGC workers union unhappy with the decision to sell a stake in Bombay High to global companies?

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Riya Dwivedi answered.
2 weeks ago
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The officer’s union at ONGC has strongly opposed the proposal by the Oil Ministry to hive off ONGC’s major oil and gas fields to global companies. This includes the highly lucrative Bombay High, off the Mumbai coast. The union wants ONGC to be empowered rather than just giving away its prime assets to the global private sector on a platter.

The issue was stirred up after the Oil Ministry asked ONGC to sell 60% stake in the lucrative Bombay High offshore and the Bassein oil fields to global private companies to expand production. The union believes that given same level of autonomy as the private sector, ONGC can do wonders. ONGC has already taken chunk of the initial risk of new oil fields.

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