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ONGC opposes govt#39;s plan to sell stake in oil fields, writes to PM Modi: Sources

November 25
05:22 2017

Oil and gas major ONGC has written to the Prime Minister Narendra Modi against the government’s plan to sell stake in oil fields to private companies.

ONGC has sought PM Modi’s intervention to stall the move of selling 60 percent stake in company’s existing oilfields to private companies that may have an impact on company, sources told CNBC-TV18.

The company said that these assets are legacy assets and it is natural to see a dip in production after 30 years. It has planned a major capital investment to revive these assets, ONGC said.

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