Oil and Natural Gas Corporation


Oil and Natural Gas Corporation
Oil and Natural Gas Corporation Limited
Type State-owned enterprise
Public
Traded as NSEONGC, BSE500312
Industry Oil and gas
Founded 14 August 1956
Headquarters Dehradun, India
Key people Sudhir Vasudeva
(Chairman & MD)
Products Petroleum
Natural gas
Petrochemicals
Revenue increase US$ 22.599 billion (2010)[1]
Operating income increase US$ 6.752 billion (2010)[1]
Net income increase US$ 4.381 billion (2010)[1]
Total assets increase US$ 37.153 billion (2010)[1]
Total equity increase US$ 22.887 billion (2010)[1]
Employees 32,826 (2010)[2]
Website ongcindia.com
ONGC platform at Bombay High in the Arabian Sea

The Oil and Natural Gas Corporation Limited (ONGC) (NSEONGC, BSE500312) is an Indian state-owned oil and gas company headquartered in Dehradun, the capital of Uttaranchal (aka Uttrakhand). It is a Fortune Global 500 company (ranked 413),[2] and contributes 77% of India's crude oil production and 81% of India's natural gas production. According latest quarter results filed with the Bombay Stock Exchange, it generates the highest amount of profit amongst Indian corporations [2]. Established on 14 August 1956 by the Indian government (which currently owns 74.14% equity stake), ONGC is one of the largest publicly traded companies in India by market capitalization.[3]

ONGC is one of the Asia's largest and most active company involved in exploration and production of oil.[4] 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 kilometres of pipelines in India. In 2010, it stood at 18th position in the Platts Top 250 Global Energy Company Rankings.[5]

Contents

History

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, is 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 INR 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. This privatization was conceived and achieved (sweat equity) to a great extent by ONGC’s influential Association of Scientific and Technical Officers (ASTO) – spearheaded by the then Bombay top executives Ganesh P. Shahi and Amarjit S. Jowandha (DGM and Head - Management Services Group too) who worked closely with the then ONGC CMDs S. K. Manglik and S.L. Khosla, IAS and with Dr. Vijay Kelkar, Secretary, Ministry of Petroleum & Natural Gas, Government of India, among others. Amarjit S. Jowandha was able to usher in change from his imbibed learnings, inter alia, from his alma mater University of Bombay [Jamnalal Bajaj Institute of Management Studies (also referred to as JBIMS or just Bajaj]. 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 INR 104.34 billion, in addition to its intangible assets. The corporation's net worth of INR 107.77 billion was the largest of any Indian company.

After its initial privatization, ONGC had authorized capital of INR 150 billion: it also met its need to raise INR 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.

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.[6]

ONGC Videsh

ONGC Videsh Limited (OVL) is the international arm of ONGC.

International rankings

  • ONGC has been ranked at 198 by the Forbes Magazine in their Forbes Global 2000 list for the year 2007.[7]
  • ONGC has featured in the 2008 list of Fortune Global 500 companies at position 335,[8] a climb of 34 positions from rank of 369 in 2007.
  • 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.[9]

References

External links

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