ONGC may additionally sell golf course with oil well property
NEW DELHI: Freebies have to this point been restricted to groceries and customer goods. But a recent government flow asking flagship explorer ONGC to promote a golf course in one in all its fields in Gujarat should result in a similar situation — but one in which the kingdom-run company may additionally turn out to be giving away producing oil wells.
The department of funding and public asset management (DIPAM) wishes ONGC to sell golf courses in Ahmedabad and Vadodara as well as Bharat Petroleum Corporation’s sports activities membership at Chembur in Mumbai.
This is part of the government’s approach to spur investment within us of a through forcing public quarter entities to monetize non-center property and pump the finances into creating new infrastructure. But the listing of non-core property does not include ONGC’s teeing greens at Ankleshwar in Gujarat and Rajahmundry in Andhra Pradesh and Oil India’s direction in Jorhat as these are appeared to have low actual property ability, unlike Ahmedabad and Vadodara vegetables.
In ONGC’s case, DIPAM seems to have omitted the truth that the Motera subject in Ahmedabad has four wells, at the least of which might be producing oil. Besides, Motera is also among a bouquet of 64 small fields ONGC is supplying to personal gamers to function so that it could concentrate on large belongings.
The discipline lies in a block certified to ONGC below the nomination coverage that existed before the authorities began auctioning acreages in 1999. This has put ONGC in a dilemma as present policies governing nomination blocks do not allow the licensee to sell or transfer land possession.
ONGC will remain the licensee and hold possession even after inducting a personal accomplice to function the sector. But if the golf direction land is bought for development, the client gets ownership of wells.
The Motera golfing course lies in a corner of the block and was built to push back encroachment as the metropolis elevated.
Shrinking buffer region due to encroachment because of increasing metropolis limits is common trouble round oil installations. This changed into one of the reasons contributing to high toll all through a 2009 hearth on the IndianOil depot near Jaipur.
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New Delhi: The authorities desire Oil and Natural Gas Corp (ONGC) to sell its golf courses in Ahmedabad and Vadodara in Gujarat, sending the agency right into a tizzy as one in every one of them has to produce oil wells, sources stated.
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