InvestorQ : Why is ONGC looking for partners for its exploration business?
rhea Babu made post

Why is ONGC looking for partners for its exploration business?

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Riya Dwivedi answered.
4 months ago
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ONGC is actually looking for partners to enhance production at some of its marginal oilfields which nominally allotted to the company. The idea is to maximize the from its producing fields, where there is scope to enhance production with the help of an outside third-party player in the exploration space.

Currently, a total of 11 on-land contract areas comprising a total of 43 oil and gas fields with oil equivalent gas volume of 160 million tonnes of oil equivalent or MTOE are up for offer for exploration. These are spread across Gujarat, Assam, Tamil Nadu and Andhra Pradesh. India currently imports 85% of crude requirement and it is a huge drag on the balance of trade making oil exploration an imperative on the government agenda.

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