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Oil ministry asks ONGC to monetise Mumbai High field

News: According to media reports, the Oil Ministry has asked ONGC to bring in foreign partners to form a JV to increase production from Mumbai High and Bassein & Satellite fields. It has also asked to give 60% participating interest and operator control to foreign firm.

Views: ONGC's overall domestic production has been declining consistently and Mumbai High is a major oil & gas field for the company. If a major global player partners along with ONGC with 60% stake and operatorship in the field, it will lead to value unlocking.