MoPNG may offer up to 60 per cent stake in producing fields to private companies

The MoPNG plans to offer stakes of up to 60 per cent in oil and gas fields owned by state energy companies that are already under production to private firms. The plan will boost the domestic oil and gas output and will help meet the ministry’s target of reducing oil imports by 10 per cent by 2022. The stake sales will affect the “nomination blocks” or fields handed to the Oil and Natural Gas Corporation and Oil India Limited and investment from global oil majors in new fields.