Oil and Natural Gas Corporation (ONGC)
India is the third-largest energy and oil consumer in the world. The country's oil demand is expected to increase by 40% to 6.7 mb/day by 2030 and further to 8.3 mb/day in 2050.
ONGC, a Maharatna company, is the biggest crude oil and natural gas name in India, contributing around 75% to Indian domestic production. The company ranks 11th among global energy majors (Platts). It is the only public sector Indian company to feature in Fortune’s ‘Most Admired Energy Companies’ list. The company ranks 229 overall in Forbes Global 2000 list for 2022. Acclaimed for its Corporate Governance practices, Transparency International has ranked ONGC 26th among the biggest publicly traded global giants. It is the most valued and largest exploration and production (E&P) company in the world and one of the highest profit-making and dividend-paying enterprise. ONGC has a unique distinction of being a company with in-house service capabilities in all areas of E&P of oil & gas and related oil-field services. Winner of the Best Employer award, this public sector enterprise has a dedicated team of over 33,500 professionals who toil round the clock in challenging locations.
- Largest crude oil and natural gas company in India
- ONGC Videsh, its subsidiary, is India’s largest international oil and gas company
- Total revenue from operations of Rs. 35,426 crore (US$ 4.28 billion) in the first quarter of FY24.
Oil and Natural Gas Corporation (ONGC) – Making Tomorrow Brighter
| Year | Milestone |
|---|---|
| 2023 |
Oil and Natural Gas Corporation (ONGC) inked a Memorandum of Understanding (MoU) with NTPC Green Energy Limited (NGEL) to realize its Renewable energy objectives towards energy transition on September 27, 2023. The MoU will primarily explore the feasibility and setting up of Renewable Energy Projects in various domains. In September 2023, ONGC inked the Crude Oil Sales Agreement (COSA) with Mangalore Refinery and Petrochemicals Limited (MRPL) which is the largest single-location PSU refinery in the country. ONGC has aligned itself with India's ambitious goals and is wholeheartedly contributing to the nation's aim to curtail carbon emissions by 1 billion tonne and simultaneously reduce carbon intensity by 45% by 2030. ONGC has moved up an impressive 32 places to claim the 158th spot in the 2023 edition of the prestigious Fortune Global 500 rankings. ONGC has entered into a term contract with Bharat Petroleum Corporation Limited (BPCL) for the sale of crude oil from the Mumbai region, cementing the strong partnership between the two esteemed companies. Oil and Natural Gas Corporation Limited (ONGC) contributed Rs. 100 crore (US$ 12.2 million) to the Prime Minister's Citizen Assistance and Relief in Emergency Situations Fund (PM CARES Fund) on March 31, 2023. ONGC Videsh Limited signed a Memorandum of Understanding (MoU) on February 7, 2023 with Yacimientos Petroliferos Fiscales, Sociedad Anonima (YPF SA), Argentina on the sidelines of the maiden India Energy Week 2023, held in Bangalore. The MoU seeks to enhance cooperation between the two companies in the energy sector, including but not limited to cooperation in the areas of exploration and development of upstream oil and gas opportunities, promoting investment and cooperation, and forge closer ties between research and training centres. |
| 2022 |
The iconic offshore drilling Rig of ONGC ‘Sagar Samrat’ has been commissioned as a Mobile Offshore Production Unit (MOPU) on December 23, 2022. Sagar Samrat MOPU will handle up to 20,000 barrels per day of crude oil, with a maximum export gas capacity of 2.36 million cubic meters per day and is expected to add 6,000 bbls/day of oil to ONGC’s production in the coming days. In November 2022, Prime Minister Mr. Narendra Modi dedicated the country's U-field Onshore facilities of the KG-DWN-98/2 Deep Water Block, located in Odalarevu, Andhra Pradesh's Dr. B R Ambedkar Konaseema district, to the country. In May 2022, ONGC announced plans to invest Rs. 31,000 crore (US$ 3.97 billion) between FY22-25 to increase exploration efforts. In February 2022, India’s state-owned Oil & Natural Gas Corporation (ONGC) unveiled a new oil and gas discovery in the prolific Mumbai basin off the country’s west coast. |
| 2021 |
In August 2021, the government introduced ‘Ujjwal Abahan’, a ONGC-supported Assam handloom project, to support and train artisans of hathkharga handicraft. In July 2021, ONGC committed procurement of >Rs. 30,000 crore (US$ 4.04 billion) to ease business procedures to encourage local ventures and contribute to the ‘Aatmanirbhar Bharat’ initiative. In March 2021, Oil and Natural Gas Corporation Limited (ONGC) signed a Share Purchase and Shareholders Agreement (SPSHA) with the Indian Gas Exchange (IGX) and the Indian Energy Exchange (IEX) to acquire 5% equity in IGX. In February 2021, the ONGC approved formation of a new wholly owned subsidiary company for gas and liquefied natural gas business value chain. The ONGC may use the new subsidiary to purchase new gas produced from fields such as KG-D5 in the Krishna Godavari basin. |
| 2020 |
ONGC won the ‘Golden Peacock Environment Management Award’ for the second consecutive year |
| 2019 |
ONGC Videsh made two new oil discoveries in Colombia and Brazil |
| 2018 |
Completed acquisition of 51.11% stake in Hindustan Petroleum Corporation Limited (HPCL) |
| 2014 |
Completed acquisition of Videocon Group's 10% stake in Rovuma Area I Block in Mozambique offshore |
| 2010 |
Initiated Coal Bed Methane production |
| 2004 |
Government of India divests 10 per cent stake |
| 2003 |
Acquisition of Mangalore Refineries Petrochemicals Ltd from Birla Group |
| 1993 |
Government of India divests 2 per cent stake |
| 1984 |
GAIL formed out of ONGC |
| 1974 |
Discovered Mumbai High |
| 1970 |
Dug its first offshore well |
| 1965 |
Creation of ONGC Videsh |
| 1963 |
Oil discovery in Assam |
| 1960 |
Oil discovery in Gujarat |
| 1958 |
First oil discovery in Cambay |
| 1955 |
Inception of ONGC |
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