ONGC, whose proposal to dilute stake in its three coal bed methane assets (CBM) in the country faces some road blocks, plans to revive the proposal, reports suggest. The state-run firm, which acquired CBM assets in North Karanpura (Jharkhand), Bokaro (Jharkhand) and Ranigunj (West Bengal) over a decade ago, wants to dilute its stake recover the expenditure it incurred so far in these assets. But its plan to involve partners for these blocks has been facing one bureaucratic hurdle after another since 2008. The last attempt was given up as early as in August 2012, when the Ministry of Petroleum and Natural Gas blocked a board decision to shed stakes in the CBM assets. Recently, the firm is learnt to have planned to rope in two strategic partners, with 25 per cent and 10 per cent stake each, for the three assets. Each block is reportedly having 1 trillion cubic feet of methane reserves. The PSU major holds 90 per cent operating interest in Ranigunj and 80 per cent each in Bokaro and North Karanpura. The farming-out of strategic interest in the most prolific Jharia block, where ONGC has a production well, has been put on hold.
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