The ACC, on February 12, approved the “filling up of the post of OVL managing director on deputation basis in exemption from the ‘rule of immediate absorption’ through the search-cum-selection committee mode”.
ONGC’s realisation from crude oil from its nominated fields increased 13.6 per cent per barrel in dollar terms and 26.5 per cent in rupee terms during the December 2018 quarter compared to the year-ago period.
But the process got stalled after ONGC countered the DGH proposal for auctioning these fields to private firms saying it should also be allowed to participate in the auction with the same concessions as was being offered to private bidders.
The entry of a private player in the state, which was previously estimated to have huge natural gas reserves, is likely to disrupt the existing gas-based business scenario. However, ONGC Tripura Asset officials declined to comment on the issue.
State-owned Oil and Natural Gas Corp (ONGC) and Oil India Ltd (OIL) haven't been able to develop the discoveries or bring them to production as the current gas price of USD 3.36 per million British thermal unit (MMBtu) is way lower than the cost of production.
On the anvil is some kind of extension of the Discovered Small Field (DSF) bid round where discovered and producing fields of Oil and Natural Gas Corp (ONGC) are auctioned to firms offering the maximum share of output to the government, sources said.