ONGC Stands for Oil and Natural Gas Corporation. The Oil and Natural Gas Corporation is an Indian central public sector undertaking(PSU) under the ownership of the Ministry of Petroleum and Natural Gas, Government of India. Its headquarter is in Dehradun. It was founded on 14th August 1956 by the Government of India.
The Oil and Natural gas corporation, ONGC, is a unique and torchbearer company in its field. As it has in-house service capabilities for crude oil exploration and natural gas production. It is the largest government-owned oil and gas explorer and producer in the country. It produces around 70% of India’s crude oil.
This company is a public sector enterprise. And the public has a stake in this enterprise as well. The shares of this company are also reliable and have performed well in the stock market. The investors are impressed by the big sum of dividends it gives to its shareholders per year.
History of ONGC:
- No such corporation existed before the independence of our country. In the pre-independence era, there were only 2 oil companies, the Assam Oil Company in Assam which was the northeastern part of undivided India, and the Attock Oil Company which was located in the northwestern part of the country. The exploration coverage of these was very small, resulting in low input of hydrocarbons. And due to a lack of technology, the vast majority of our country’s sedimentary basins were not economical to explore and exploit oil.
- However, in the post-independence era, the government led by Jawaharlal Nehru understood the importance of oil-producing industries. On the advice of economists, the Nehru government prepared an Industrial Policy Statement in 1948. This policy suggested promoting industrial development in our country to increase production and generate employment.
- In 1955, the Indian Government decided to develop the country’s oil and gas resources. As a result, the Oil and Natural Gas Commission (ONGC) was established on August 14, 1956.
- The first oil discovery in India was made by ONGC in 1958 in the Cambay Basin of Gujarat.
Roles and Responsibilities of ONGC:
- ONGC is responsible for identifying potential oil and gas reserves in India and conducting exploration activities to discover new reserves.
- It is responsible for developing discovered reserves which involve drilling wells, building infrastructure, and implementing production processes to extract crude oil and natural gas.
- It is responsible for producing crude oil and natural gas from the wells it has drilled and developed.
- It’s the responsibility of ONGC to reduce carbon emissions and minimize their environmental impact.
Various Products of ONGC:
- Crude oil: Refineries turn crude oil into usable products such as transportation fuels– diesel, and aviation fuels.
- Liquefied Petroleum Gas (LPG): It is used as a domestic fuel for cooking and heating.
- Gasoline: It is a fuel used in automobiles.
- Diesel: It is used as fuel in automobiles and generators.
- Kerosene: It is used as fuel for lamps and stoves.
- Lubricants: It is used to reduce friction between moving parts in machines.
- Paraffin wax: It is used in the production of candles, polishes, and other products.
- Sulfur: It is used in the production of fertilizers and other industrial applications.
Vision and Mission of ONGC:
Vision:
ONGC’s vision is to be a world-class integrated energy company through sustainable growth, knowledge excellence, and exemplary governance practices.
Mission:
ONGC’s mission is to be the leading provider of oil and gas in India and beyond while adhering to high standards of safety, environmental protection, and corporate social responsibility.
It is expanding its operations globally, through partnerships and acquisitions to become a leading player in the international oil and gas market.
Existence of ONGC Across the World:
- ONGC Videsh Limited (OVL) is a subsidiary of ONGC. It is the company’s international arm that operates in various countries.
- OVL has investments in 41 projects in 20 countries including Russia, Vietnam, Sudan, Iran, Iraq, Libya, Mozambique, Myanmar, and several other countries.
- OVL’s operations are primarily focused on the exploration and production of oil and gas.
- ONGC Videsh is the second largest petroleum company in India, next only to its parent ONGC In terms of reserves and production.
List of ONGC Plants Across India :
- Mumbai High Asset, in Mumbai, Maharashtra
- Neelam & Heera Asset, in Mumbai, Maharashtra
- Bassein & Satellite Asset, in Mumbai, Maharashtra
- Uran Plant, in Uran, India
- Hazira Plant, in Hazira Gujarat
- Ahmedabad Asset, in Ahmedabad, Gujarat
- Ankleshwar Asset, in Mehsana, Gujarat
- Mehsana Asset, In Mehsana Gujarat
- Rajamundry Asset, Rajamundry
- Karaikal Asset, Karaikal
- Assam Asset, in Nazira, Assam
- Tripura Asset, Agartala , India
Awards and Achievements of ONGC:
- ONGC has received the Golden Peacock Environment Management Award multiple times for its outstanding contribution to environmental management.
- Impressed by the performance of ONGC, the Government of India awarded it the title of ‘Maharatna‘ in November 2010.
- In the year 2012, Forbes ranked it 155th in its annual ranking of Forbes Global 2000 for outstanding performance in the global market.
- ONGC has won National Safety Awards from the Government of India several times for its outstanding safety performance.
- ONGC has received ISO 9001 certification for its excellent Quality Management System.
Conclusion:
Oil and Natural Gas Corporation (ONGC) is a leading oil and gas exploration and production company in India. Its outstanding performance in the energy sector can be seen as the backbone of our energy sector. With continuous reforms and research in government policy, we have now a resilient industrial sector. ONGC is a pioneer and source of motivation for newcomers.
FAQs:
1. Who is the current chairman of ONGC?
Arun Kumar Singh
2. Where is ONGC headquartered?
It is headquartered in Dehradun.
3. When was ONGC founded?
ONGC was founded on August 14, 1956.
4. Is ONGC a public or private company?
ONGC is an Indian central public sector company which is owned by the Government of India.