India Business Journal - ONGC eyeing stake sale to a strategic partner to help develop challenging fields

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ONGC eyeing stake sale to a strategic partner to help develop challenging fields

IBJ Bureau
May 27, 2022

Oil and Natural Gas Corporation (ONGC) is offering a stake to global oil companies to help develop challenging fields off the country’s east coast, according to a tender document.

The country’s largest oil explorer has not said how big a stake it is offering to a potential partner.

India, the world’s third-biggest oil importer and consumer, imports over 80 per cent of its oil needs. The country is keen to monetise its oil and gas resources to cut its import bill.

ONGC is hoping to lure interest from global companies with the “requisite technical expertise and financial strength” to support it in developing its Deen Dayal West field in the Bay of Bengal and ultra-deep discoveries in Krishna Godavari Basin.

The deadline for submitting expressions of interest is June 16, ONGC has said in a tender document on its website.