ONGC Full Form

ONGC is Known as Oil and Natural Gas Corporation. 

What is ONGC?

ONGC is an Indian multinational crude Oil and Gas Corporation.it is a self owned organization also counted in Maharatna company. ONGC originated on 14th August 1956 by the Government of India. it manufactures 70% of India’s crude oil and around 84% of its natural gas. ONGC has been recognized as the largest PSU in India in the fiscal year 2019-20, and its positioned 7th among the 250 global energy companies. It (ONGC) products include petroleum, Natural gas, LNG, Lubricants, Petrochemicals, electricity.

History of ONGC: 

During 1947-1960:

In the prior phase of pre-independence, there were only two oil companies: the Assam oil company in the northeastern and Attock oil company in the northwestern. After independence, the government figured out the benefit and major role of oil companies in India. In 1948, the development of the hydrocarbon industry was made the utmost priority, later 1955 the government of India decided to set up the oil and natural gas industries in every part of India considered as a part of Public sector development.

During 1961-1990:

Since its formation, ONGC has played a vital role in expanding the oil and gas sector on a large and viable scale.  It is the country’s limited upstream sector,  New provinces have not only been found in Assam but also in Cambay basin (Gujarat). In the 70s ONGC discovered a giant oil field in the formation of Bombay high.   

After 1990:

In July 1991, the economic policy adopted by the government of India, In Feb. 1994 ONGC emerged as a limited company under the company’s act 1956.

During March 1999, the ONGC and IOC (Indian Oil Corporation) a downstream giant and GAIL was the one of the gas marketing companies that had made up an alliance in each other stocks.  In the year 2002- 03 overtaking MRPL from the AV Birla group, it (ONGC) expanded into the downstream sector. It’s also existing in the form of subsidiaries as such ONGC Videsh Ltd. ( OVL), the major contribution has been made as investments in Vietnam, Sakhalin, Columbia, Venezuela, Sudan etc. and generated revenue from its first hydrocarbon in Vietnam. 

It is one of the top Maharatna companies and known as “World most admired” companies and ranked 3rd in the E&P industry across the globe. 

Overview: 

ONGC is a well known PSU in India as well as overseas. You will get an overview of it where we stand.

Exploration: 

• ONGC is the largest exploration Estate and mining leaseholder in India. 

• 83% of established saves in the country have been founded by ONGC.

• 22 new discoveries, 10 new surveys in FY’15

• Reserve Replenishment Ratio (RRR) for the last ten years has been more than one (3P Reserves).

Production: 

• 1184 oil wells and 151 gas wells in coastal areas and 4735 oil wells and 606 gas wells in the edge of the land as on 1st April 2015.  

• Western offshore production raised by 7.5%.

• It produces 1.2 million barrels of oil similar to it per day. 

• ONGC has an accountability of 69% of crude oil and 70% of natural gas production.

Operations of ONGC: 

ONGC operations cover convention, exploration and production. It has subsidiaries across the globe to spread its presence globally  are described here 

ONGC Videsh Limited (OVL): 

It came into existence on 15th June 1989, OVL basic role is to look after Oil and Gas prospects, which includes exploration, development and production. It carries a 100 per cent stake in the market. 

Hindustan Petroleum Corporation Ltd (HPCL): 

It is an Indian Self-governed company who deals in oil and natural gas, headquarters situated in Mumbai. It owns 25% of stake in the market of India. HPCL ranked 367th  among fortune global 500 list of the world's top-notch companies. 

Existence of ONGC across the world.

OVL in Latin America:

• Cuba

• Colombia 

• Brazil

• Venezuela 

OVL in Africa:

• Libya 

• Nigeria

• Sudan 

• Mozambique

Vision and Mission: 

ONGC vision is to be popular in various aspects of growth, knowledge and excellence.

Mission: 

• Owns commitment to safety, health and environment to ensure the quality of community life. 

• Absorb high standards of ethics and business values.

• Developing growth aspects and increasing profit values. 

• Keep maintaining its priority of business at domestic or international level for business opportunities.