India’s oil and gas companies should consider selling stakes in their exploration acreage to foreign companies with the technology to tap more oil and gas resources, India’s Oil Minister Dharmendra Pradhan said on Tuesday. “The government will grant petroleum mining lease rights but the companies should consider a farm-out (of a stake) to get global technology players,” Pradhan said in Hindi, as quoted by Reuters . The minister was speaking at a news conference for the signing of the contracts for all 11 oil and gas blocks offered under the Open Acreage Licensing Policy (OALP) bid round-V, in which local companies ONGC and Oil India Limited won the exploration and production (E&P) blocks. The contracts “will further intensify exploration activities and boost production of oil & gas,” Pradhan said on Twitter. “Consistent and market friendly reforms in the E&P sector is enhancing ease-of-doing business & driving self-reliance in India’s […]