<p>"There is no probability, we will definitely be able to run them (Assam oilfields of ONGC) better than anyone else," OIL Chairman and Managing Director N M Borah told a news conference here.<br /><br />The Ministry of Petroleum and Natural Gas has suggested that ONGC explore the possibility of hiving off its Assam assets into a wholly-owned subsidiary. The proposal is aimed at improving the productivity of ONGC’s Assam operations.<br /><br />ONGC produces 1.1 million tons of crude oil annually from the Assam fields employing over 4,000 personnel. On contrast, OIL used 6,500-odd employees to produces 3.6 million tons of crude oil and is projecting an annually growth of 3-5 per cent. OIL's cost of production in the North-East is under USD 7.5 per barrel while that of ONGC is higher than that.<br />"We will be a position to run (the fields) better," he said but hastened to add that OIL had not formally heard anything on hiving-off of ONGC's Assam assets or their possible sale to OIL.</p>
<p>"There is no probability, we will definitely be able to run them (Assam oilfields of ONGC) better than anyone else," OIL Chairman and Managing Director N M Borah told a news conference here.<br /><br />The Ministry of Petroleum and Natural Gas has suggested that ONGC explore the possibility of hiving off its Assam assets into a wholly-owned subsidiary. The proposal is aimed at improving the productivity of ONGC’s Assam operations.<br /><br />ONGC produces 1.1 million tons of crude oil annually from the Assam fields employing over 4,000 personnel. On contrast, OIL used 6,500-odd employees to produces 3.6 million tons of crude oil and is projecting an annually growth of 3-5 per cent. OIL's cost of production in the North-East is under USD 7.5 per barrel while that of ONGC is higher than that.<br />"We will be a position to run (the fields) better," he said but hastened to add that OIL had not formally heard anything on hiving-off of ONGC's Assam assets or their possible sale to OIL.</p>