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Oil and Natural Gas Corporation Limited (ONGC) is an Indian multinational oil and gas company headquartered in Dehradun,
India. It is one of the largest Asia-based oil and gas exploration
and production companies, and produces around 77% of India's crude oil(equivalent to
around 30% of the country's total demand) and around 81% of its natural gas. It is one of the largest publicly
traded companies by market capitalization in India. ONGC has been ranked 357th in the Fortune Global 500 list of the world's biggest
corporations for the year 2012.It is also among the Top 250 Global Energy
Company by Platts.
ONGC |
ONGC was founded on 14 August 1956
by the Indian state, which currently holds a 74.14% equity stake. It is
involved in exploring for and exploiting hydrocarbons in 26 sedimentary basins
of India, and owns and operates over 11,000 kilometers of pipelines in the
country. Its international subsidiary ONGC Videsh currently has projects in 15
countries.
Foundation @ 1961:-
During the pre-independence period, the Assam Oil Company in the northeastern and Attock
Oil company in northwestern part of the undivided India were the only oil
companies producing oil in the country, with minimal exploration input. The
major part of Indian sedimentary basins was deemed to be unfit for development
of oil and gas resources.
After independence, the national
Government realized the importance oil and gas for rapid industrial development
and its strategic role in defense. Consequently, while framing the Industrial
Policy Statement of 1948, the development of petroleum industry in the country
was considered to be of utmost necessity.
Until 1955, private oil companies
mainly carried out exploration of hydrocarbon resources of India. In Assam, the Assam Oil
Company was producing oil at Digboi (discovered in 1889) and Oil India
Ltd. (a 50% joint venture between Government of India and Burmah Oil Company) was
engaged in developing two newly discovered large fields Naharkatiya and Moraan in Assam. In West Bengal,
the Indo-Stanvac Petroleum project (a joint venture between Government of India and Standard Vacuum Oil Company of
USA) was engaged in exploration work. The vast sedimentary tract in other parts
of India and adjoining offshore remained largely unexplored.
In 1955, Government of India
decided to develop the oil and natural gas resources in the various regions of
the country as part of the Public Sector development. With this objective, an
Oil and Natural Gas Directorate was set up towards the end of 1955, as a
subordinate office under the then Ministry of Natural Resources and Scientific
Research. The department was constituted with a nucleus of geoscientists from
the Geological survey of India.
A delegation under the leadership
of Mr. K D Malviya, the-then Minister of Natural Resources, visited several
European countries to study the status of oil industry in those countries and
to facilitate the training of Indian professionals for exploring potential oil
and gas reserves. Experts from Romania, the Soviet Union,
the United States and West Germany subsequently visited India and helped
the government with their expertise. Soviet experts later drew up a detailed plan
for geological and geophysical surveys and drilling operations to be
carried out in the 2nd Five Year Plan (1956-57 to 1960-61).
In April 1956, the Government of
India adopted the Industrial Policy Resolution, which placed mineral oil
industry among the schedule 'A' industries, the future development of which was
to be the sole and exclusive responsibility of the state.
Soon, after the formation of the
Oil and Natural Gas Directorate, it became apparent that it would not be
possible for the Directorate with its limited financial and administrative
powers as subordinate office of the Government, to function efficiently. So in
August, 1956, the Directorate was raised to the status of a commission with
enhanced powers, although it continued to be under the government. In October
1959, the Commission was converted into a statutory body by an act of the
Indian Parliament, which enhanced powers of the commission further. The main
functions of the Oil and Natural Gas Commission subject to the provisions of
the Act, were "to plan, promote, organize and implement programmes for
development of Petroleum Resources and the production and sale of petroleum and
petroleum products produced by it, and to perform such other functions as the
Central Government may, from time to time, assign to it ". The act further
outlined the activities and steps to be taken by ONGC in fulfilling its
mandate.
Since its inception, ONGC has been instrumental in transforming
the country's limited upstream sector into a large viable playing field, with
its activities spread throughout India and significantly in overseas
territories. In the inland areas, ONGC not only found new resources in Assam
but also established new oil province in Cambay basin (Gujarat), while adding
new petroliferous areas in the Assam-Arakan Fold Belt and East coast basins
(both inland and offshore). ONGC went offshore in early 70's and discovered a
giant oil field in the form of Bombay High,
now known as Mumbai High. This discovery, along with subsequent discoveries of
huge oil and gas fields in Western offshore changed the oil scenario of the
country. Subsequently, over 5 billion tonnes of hydrocarbons, which were
present in the country, were discovered. The most important contribution of
ONGC, however, is its self-reliance and development of core competence in
E&P activities at a globally competitive level.
A turning point in the history of
India’s oil sector was in 1994. While the oil sector was on the backburner of
India's political realm for some time, it was brought to the forefront by the
privatization of India's leading oil E&P organization, the ONGC.
Simultaneously, there were steps taken for the enhancement of production on the
Bombay High oil fields as the result of a 150 billion development
investment.
One of Asia's largest oil E&P
companies, ONGC became a publicly held company as of February 1994, following
the Indian government's decision to privatize. Eighty percent of ONGC assets
were subsequently owned by the government, the other 20% were sold to the
public. At this time, ONGC employed 48,000 people and had reserves and
surpluses worth 104.34 billion, in addition
to its intangible assets. The corporation's net worth of 107.77 billion was the
largest of any Indian company.
After its initial privatization,
ONGC had authorized capital of 150 billion: it also met
its need to raise 35 billion to invest in
viable oil and gas projects. The Asian Development Bank (ADB) had also set a
deadline for privatizing and restructuring at 30 June 1994, if loans were to be
granted for development of two ONGC projects. As a consequence of the
successful privatization, the loans were granted—US$267 million for development
of Gandhar Field, and US$300 million for the gas flaring reduction project in
the Bombay Basin. The successfully formulated and implemented privatization
strategy put ONGC at par with other large multinational and domestic oil
companies.
2000 to present:-
In 2006 a
commemorative coin set was issued to mark the 50th anniversary of the founding
of ONGC, making it only the second Indian company (alongside State Bank of India) to have such a coin issued
in its honour.
In 2011, ONGC
applied to purchase of 2000 acres of land at Dahanu to
process offshore gas. ONGC Videsh, along with Statoil ASA (Norway) and
Repsol SA (Spain), has been engaged in deepwater drilling off the northern
coast of Cuba in 2012.
Recruitment:
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