Chidambaram targets ONGC marginal fields

Vol 11, PW 12 (18 Oct 07) News in Brief

Pressure is mounting on ONGC to sell off its marginal fields to the private sector, this time from finance minister Palaniappan Chidambaram.

PETROWATCH learns Chidambaram’s office last month asked ONGC chief RS Sharma to make a presentation about ONGC’s marginal fields at the North Block office of the finance ministry at 3pm on (Wednesday) October 10, with oil secretary MS Srinivasan also invited. Sharma, we learn, was ready to set out ONGC’s newfound determination to develop its marginal fields without outside help.

“Sharma’s presentation had full details about ONGC’s marginal fields,â€‌ we hear. “It also contained details of how ONGC could monetise them on its own.

â€‌ But three hours before the scheduled meeting on October 10, the finance ministry called to postpone. “The meeting was postponed because the minister had to go for some other urgent meeting,â€‌ a finance ministry spokesman tells us.

“No new date has been fixed.â€‌