The Centre is working on a proposal to commercially exploit the oil and gas available in marginal fields owned by ONGC. ONGC holds about 165 marginal fields (79 offshore and 86 onshore). The Petroleum and Natural Gas Ministry has already taken details from ONGC because to auction the fields, it will need to take them back from the public sector explorer. ONGC has short-listed 60 such fields and given details on them to the Ministry. Marginal fields were given to ONGC before the licensing rounds on nomination basis. A good amount of hydrocarbons is locked up in these fields, but they cannot be produced economically on a standalone basis, or with a conventional approach. Besides, the public sector entity was not getting market price for the produce. At present, of the 165 fields, with total ultimate reserves of 340 million tonne, owned by ONGC, operations are going on in 139 and work is yet to start on 26.
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