The Hindu Business Line: ONGC may renew search for strategic partners

After four years of struggling to rope in strategic partners for its loss-making coal bed methane assets, ONGC may approach the board again on August 30 to repeat the search.

The company board’s previous decision to farm-out the participatory interests was blocked by the Union Ministry of Petroleum and Natural Gas.

The blocks, located in West Bengal and Jharkhand, were acquired more than a decade ago and have so far cost the oil and gas major close to Rs 600 crore on exploration and development projects.

In return, ONGC produces only 10,000-15,000 standard cubic metre of gas from one well in Jharia that brought home a net revenue of as little as Rs 3 crore, in a decade or more. MORE