Centre to form committees to monitor ONGC’s and OIL’s operations at their ageing fields

The government has decided to form several committees to oversee operations at ONGC’s and OIL’s ageing oilfields that contribute about 70 per cent of the country’s oil output. The committees will have the power to review all key matters such as annual work programmes and budgets for exploration, development and production; field development plans of commercial discoveries; and the performance of the oilfields. Proposals to surrender acreage, and appraisal programmes, declaration of commercial discoveries, field surveillance by the Directorate General of Hydrocarbons will also go to the committees. The panel will also review collaborations with licensees or contractors of other areas.

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