USD 63.6336

-0.13

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-0.25

BRENT 60.94

+1.34

AI-92 42.28

0

AI-95 46.05

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AI-98 51.7

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Diesel 46.26

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28

Indian ONGC Not Wanted by Anybody

Oil and Natural Gas Corp, the nation's largest oil and gas producer, will become a marginal player...

Indian oil major Oil and Natural Gas Corp, the nation’s largest oil and gas producer, will become a marginal player if it does not produce more hydrocarbons, the oil ministry said.

At the firm’s Strategy Meet at Agra on August 25-26, petroleum secretary M.S. Srinivasan said ONGC should stick to its core business of producing hydrocarbons and not divert resources for diversification plans like power and refinery projects.

According to the minutes of the meeting, Mr Srinivasan said: "Globally E&P firms have ventured into integration only after becoming giants in hydrocarbon exploration and production."

ONGC may become a marginal player in the gas business in about 2 to 3 years, while in case of oil, the firm may fall to that position in about 5 to 6 years.