Everything about Oil And Natural Gas Corporation totally explained
Oil and Natural Gas Corporation Limited (
ONGC) (incorporated on
June 23,
1993) is an
Indian
public sector petroleum company. It is a
Fortune Global 500 company, and contributes 77% of India's
crude oil production and 81% of India's
natural gas production. It is the highest profit making corporation in India. It was set up as a
commission on
August 14,
1956. Indian government holds 74.14% equity stake in this company.
ONGC is engaged in exploration and production activities. It is involved in exploring for and exploiting hydrocarbons in 26 sedimentary basins of India. It produces about 30% of India's crude oil requirement. It owns and operates more than 11,000 kilometers of pipelines in India. Until recently (March 2007) it was the largest company in terms of
market cap in India..
History
Foundation
In August, 1956 Oil and Natural Gas Commission was formed, raised from a mere Directorate status to Commission,it had enhanced powers. In 1959 these powers were further enhanced by converting commission into a statutory body by an act of
Indian Parliament. Major functions of ONGC according to this provision were to plan, promote, organize and implement programs for development of Petroleum Resources and the production and sale of petroleum and its products.
1960-1990
Since its foundation stone was laid, ONGC is transforming India’s view towards Oil and Natural Gas by emulating the country’s limited upstream capabilities into a large viable playing field. ONGC, since 1959, has made its presence noted in most parts of
India and in overseas territories. ONGC found new resources in
Assam and also established the new oil province in Cambay basin (Gujarat). In 1970 with the discovery of
Bombay High (now known as Mumbai High), ONGC went offshore. With this discovery and subsequent discovery of huge oil fields in the Western offshore, a total of 5 billion tonnes of hydrocarbon present in the country was discovered. The most important contribution of ONGC, however, is its self-reliance and development of core competence in exploration and production activities at a globally competitive level.
Post-1990
Post 1990, the liberalized economic policy was brought into effect, subsequently partial disinvestments of government equity in Public Sector Undertakings were sought. As a result, ONGC was re-organized as a limited company and after conversion of business of the erstwhile Oil & Natural Gas Commission to that of Oil and Natural Gas Corporation Ltd in 1993, 2 percent of shares through competitive bidding were disinvested. Further expansion of equity was done by 2 percent share offering to ONGC employees. Another big leap was taken in March 1999, when ONGC, IOC (
Indian Oil Corporation) and
Gas Authority of India Ltd.(GAIL) agreed to have cross holding in each other’s stock. Consequently the Government sold off 10 per cent of its share holding in ONGC to IOC and 2.5 per cent to GAIL. With this, the Government holding in ONGC came down to 84.11 per cent.
In 2002-03 ONGC took over
Mangalore Refinery and Petrochemicals Limited (MRPL) from
Birla Group and announced its entrance into retailing business. ONGC also went to global fields through its subsidiary, ONGC Videsh Ltd. ONGC Videsh Ltd. (OVL). ONGC has made major investments in Vietnam, Sakhalin and Sudan and earned its first hydrocarbon revenue from its investment in Vietnam.
Stakes and subsidiaries
International rankings
ONGC has been ranked at 256 by the Forbes Magazine in their Forbes Global 2000 list for the year 2005 .
ONGC has featured in the 2006 list of Fortune Global 500 companies at position 402 and moved up 33 positions to rank at 369 by 2007.
ONGC is ranked as Asia’s best Oil & Gas company, as per a recent survey conducted by US-based magazine ‘Global Finance’
2nd biggest E&P company (and 1st in terms of profits), as per the Platts Energy Business Technology (EBT) Survey 2004
Ranks 24th among Global Energy Companies by Market Capitalization in PFC Energy 50 (December 2004).
Economic Times 500, Business Today 500, Business Baron 500 and Business Week recognizes ONGC as most valuable Indian corporate, by Market Capitalization, Net Worth and Net Profits.Further Information
Get more info on 'Oil And Natural Gas Corporation'.
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