ONGC
Oil and Natural Gas Corporation
Oil and Natural Gas Corporation
Public Sector UndertakingTraded asNSE: ONGC
BSE: 500312
BSE SENSEX Constituent
CNX Nifty ConstituentIndustryOil and GasFounded14 August 1956HeadquartersTel Bhavan, Dehradun,Uttarakhand, India
Key people
Dinesh Kumar Sarraf
(Chairman & MD)ProductsPetroleum, natural gas, and otherpetrochemicalsRevenue₹139,364.35 crore (US$21 billion) (2016)[1]Profit₹14,300.93 crore (US$2.1 billion) (2016)Total equity₹4,277.76 crore (US$640 million)OwnerGovernment of India
Number of employees
33,560 (1st Aug 2015)[2]DivisionsMRPL
ONGC Videsh Ltd.Websitehttp://www.ongcindia.com/
Oil and Natural Gas Corporation Limited(ONGC) is an Indian multinational oil and gascompany headquartered in Dehradun,Uttarakhand, India. It is a Public Sector Undertaking (PSU) of the Government of India, under the administrative control of theMinistry of Petroleum and Natural Gas. It is India's largest oil and gas exploration and production company. It produces around 77% of India's crude oil (equivalent to around 30% of the country's total demand) and around 62% of its natural gas.[3]
On 31 March 2013, its market capitalisationwas INR 2.6 trillion (US$48.98 billion), making it India's second largest publicly traded company.[4][5] In a government survey for FY 2011–12, it was ranked as the largest profit making PSU in India.[6] ONGC has been ranked 449th in the Fortune Global 500 list of the world's biggest corporations for the year 2015.[7] It is ranked 17th among the Top 250 Global Energy Companies by Platts.[8]
ONGC was founded on 14 August 1956 by Government of India, which currently holds a 68.94% equity stake. It is involved in exploring for and exploiting hydrocarbons in 26sedimentary 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 17 countries. ONGC has discovered 6 of the 7 commercially producing Indian Basins, in the last 50 years, adding over 7.1 billion tonnes of In-place Oil & Gas volume of hydrocarbons in Indian basins. Against a global decline of production from matured fields, ONGC has maintained production from its brownfields like Mumbai High, with the help of aggressive investments in various IOR (Improved Oil Recovery) and EOR (Enhanced Oil Recovery) schemes. ONGC has many matured fields with a current recovery factor of 25–33%.[3] Its Reserve Replacement Ratio for between 2005 and 2013, has been more than one.[3] During FY 2012–13, ONGC had to share the highest ever under-recovery of INR 494.2 million (an increase of INR 49.6 million over the previous financial year) towards the under-recoveries of Oil Marketing Companies (IOC, BPCL andHPCL).[3]
HistoryEdit
Foundation to 1961Edit
Before the independence of India in 1947, theAssam Oil Company in the north-eastern and Attock Oil company in north-western part of the undivided India were the only oil producing companies, with minimal exploration input. The major part of Indian sedimentary basins was deemed to be unfit for development of oil and gas resources.[9]
After independence, the Central Government of India realized the importance of oil and gasfor 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.[9]
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 fieldsNaharkatiya and Moraan in Assam. In West Bengal, the Indo-Stanvac Petroleum project (a joint venture between Government of Indiaand 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.[9]
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.[9]
A delegation under the leadership of the 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, theUnited States and West Germanysubsequently visited India and helped the government with their expertise. Sovietexperts later drew up a detailed plan forgeological and geophysical surveys and drilling operations to be carried out in the 2ndFive Year Plan (1956–61).[9]
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.[9]
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 programs 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.[9]
1961 to 2000Edit
An ONGC platform at Bombay High in the Arabian Sea
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 onshore and offshore).[9]ONGC went offshore in early 70's and discovered a giant oil field in the form ofBombay 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.[9]
Visit the kavyesh gk world page
Comments
Post a Comment