In a bid to circumvent government plans of taking away its small discovered fields (DSFs), national oil, natural gas exploration and production major ONGC has decided to auction such assets under production enhancement contracts (PECs), while retaining ownership with itself.
Company sources said that a consultant had been appointed to identify the DSFs that would be auctioned and production outsourced. It was possible that as many as 60 oil and gas fields could be put on the block for bidding by private domestic or global exploration and production (E&P) companies.