ONGC

Corporate History

In 1956 the Government of India set up the Oil & Natural Gas Commission to “plan, promote, organize and implement programs for the development of petroleum resources and the production and sale of petroleum and petroleum products produced by it”.

Initially the Government of India set up the Oil & Natural Gas Directorate which was ONGC’s precursor, but as the scope and dimension of its functions and responsibilities unfolded, the government realized that this was beyond the capabilities of a mere directorate and soon raised the status of the directorate to that of a commission with enhanced powers. In 1993 as liberalization of the Indian economy set in, the government reorganized the Oil & Natural Gas Commission to the Oil & Natural Gas Corporation.

Today, ONGC has grown to become India’s most valuable PSU (Public Sector Undertaking) spearheading the country’s efforts at securing energy supply by acquiring oil and gas assets in different parts of the world.

Activities

ONGC is primarily an exploration company that has grown to become India’s most valuable PSU on the basis of its performance over an increasingly larger area of business. ONGC today, focuses on relational enterprise through:

• Partnerships & strategic alliances
• Joint ventures with preferred partners
• Business strategy based on corporate skills and positional assets
• Opportunity specific diversification

ONGC’s principal objective is consolidation of its core business areas that led to the need to expand its business by identifying and developing new business opportunities. To that extent ONGC is forming profitable joint ventures related to the petroleum and energy sectors with both Indian and foreign companies.

ONGC’s strategic new ventures cover:

• Deep water exploration and drilling
• Exploration in frontier basins
• Marginal field development
• Optimization of field development
• Plan field recovery
• Other allied areas of service

Success in these highly specialized areas would require the best technology, processes and practices and the maximum use of R&D. ONGC intends to achieve this objective through strategic alliances and sustained relationships.

Performance

In fiscal 2006 ONGC’s revenues were Rs. 706,807 million which was approximately 18.38 % more than what it was in the last fiscal.

ONGC’s net income in fiscal 2006 was Rs. 153,976 million which was approximately 7.38 % more than what it was in the last fiscal.

Net income over the last 2 fiscals (In million Rupees)

The total value of the assets held by ONGC in fiscal 2006 was Rs. 797,560 million which was approximately 18.71 % more than what it was in the fiscal before. Value of assets over the last 2 fiscals (In million Rupees)

Organization

ONGC is headed by Mr. S. Raha who is the Chairman and Managing Director of the company.

ONGC employs over 40,000 people

ONGC’s corporate office is located at:

Tel Bhavan,
Dehradun – 248 003
Tel: 0135 2759561-7, 2752161-5
Website: www.ongcindia.com