India's flagship oil and gas producer ONGC on Wednesday said it is seeking foreign partners for yet-to-be-developed fields in lesser prospective areas but is shackled by uneconomic gas prices and tax structure. Reacting to a PTI report on the Petroleum Ministry asking Oil and Natural Gas Corporation (ONGC) to sell stake in producing oil fields to private firms, get foreign partners in KG basin gas fields, monetize existing infrastructure and hive off drilling and other services into a separate company to raise production, the state-owned firm said the ongoing discussions with the administrative ministry were neither new nor intended to limit its role or growth.
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