ONGC eyes partnership in drilling oil

ONGC eyes partnership in drilling oil

ONGC has won a large chunk of oil blocks but its track record in drilling oil is so poor that the company wants to tie up with foreign players to get in better technology for developing its deep-sea blocks.

However, the Petroleum Ministry till now is refusing to give ONGC’s proposals for foreign tie-ups the green signal.

That is why ONGC is also open to tie-ups with Indian private sector companies. Companies like Reliance are already keen to tie up with the PSU major to share key infrastructure.

Besides, ONGC’s management says that partnership can expand to other areas as well. One such area would certainly be sharing rigs that are in short supply.

However, ONGC is not ruling out outright purchases to tide over the supply crunch.

For the existing assets, there are hectic plans ahead. While Mahanadi commercialisation is due by 2012, the KG discoveries are to be commercialized in five-six years.

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