<p>India's petroleum ministry has asked state-run explorer Oil and Natural Gas Corp to consider selling a 60% stake in its two major oil and gas fields to private companies to boost output, a government source said on Thursday.</p>.<p>India, the world's third biggest oil consumer and importer, wants to quickly monetise its oil and gas reserves and has been asking ONGC for years to raise production.</p>.<p>The country's dependence on foreign oil has gradually risen to more than 80% as its local oil and gas output has been stagnating for years amid rising local refining capacity.</p>.<p>ONGC's Mumbai High and Bassein and Satellite oil and gas fields offshore western India account for a major chunk of its local output.</p>.<p>The source with direct knowledge of the matter said the ministry's suggestion on farming out a majority stake to private companies was not a binding order for the state-run ONGC. The person declined to be named, citing confidentiality issues.</p>.<p>India has failed to draw interest from global oil majors in licensing rounds since 1990 despite overhauling its exploration policy to include steps such as allowing state-run companies to rope in private firms to raise output and auction off some of their old fields.</p>.<p>Oil Secretary Tarun Kapoor last month told Reuters that global oil major ExxonMobil Corp was looking to buy a stake in some of the local deep water fields of ONGC in the east coast.</p>.<p>He also said that India wants to attract global oil majors to boost the nation's oil and gas output.</p>.<p><strong>Watch latest videos by DH here:</strong></p>
<p>India's petroleum ministry has asked state-run explorer Oil and Natural Gas Corp to consider selling a 60% stake in its two major oil and gas fields to private companies to boost output, a government source said on Thursday.</p>.<p>India, the world's third biggest oil consumer and importer, wants to quickly monetise its oil and gas reserves and has been asking ONGC for years to raise production.</p>.<p>The country's dependence on foreign oil has gradually risen to more than 80% as its local oil and gas output has been stagnating for years amid rising local refining capacity.</p>.<p>ONGC's Mumbai High and Bassein and Satellite oil and gas fields offshore western India account for a major chunk of its local output.</p>.<p>The source with direct knowledge of the matter said the ministry's suggestion on farming out a majority stake to private companies was not a binding order for the state-run ONGC. The person declined to be named, citing confidentiality issues.</p>.<p>India has failed to draw interest from global oil majors in licensing rounds since 1990 despite overhauling its exploration policy to include steps such as allowing state-run companies to rope in private firms to raise output and auction off some of their old fields.</p>.<p>Oil Secretary Tarun Kapoor last month told Reuters that global oil major ExxonMobil Corp was looking to buy a stake in some of the local deep water fields of ONGC in the east coast.</p>.<p>He also said that India wants to attract global oil majors to boost the nation's oil and gas output.</p>.<p><strong>Watch latest videos by DH here:</strong></p>