The full form of ONGC is Oil and Natural Gas Corporation. The Ministry of Petroleum and Natural Gas, Government of India supervises ONGC, a public sector undertaking. It is a multinational organisation with its headquarters in India’s capital city of New Delhi that deals with crude oil and gas. According to the Company Act of 1956, ONGC was reorganised as a limited enterprise in February 1994.
History ONGC
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- Following India’s 1948 declaration of independence, the Indian government decided to develop the hydrocarbon industry after realising the value of gas and oil for the growth of Indian businesses.
- To increase the nation’s natural gas and oil production, the Ministry of Natural Resources and Scientific Research created the Department for Oil and Natural Gas in 1955.
- The oil and gas sector was categorised as a Schedule “A” industry when the Indian Parliament established the Industrial Policy Resolution in 1956. The Oil and Natural Gas Board has since replaced the Oil and Natural Gas Directorate.
- In February 1994, ONGC underwent a reorganisation under the Company Act, 1956, becoming a little enterprise. It changed its name to Oil and Natural Gas Corporation and became a public service enterprise (ONGC).
- To grow its home and foreign sectors, ONGC and Indian Oil Corporation (IOC) decided to purchase common shares in 1999.
- To penetrate the international market, ONGC established ONGC Videsh Ltd. (OVL) as a subsidiary in 2002–2003.
- A recently released government study identified India’s most significant profit-making PSU for 2019–20. Additionally, among the top 250 energy companies globally, it is placed ninth by Platts.
ONGC goods
The following is a list of all the items that the Oil and Natural Gas Corporation offers:
- Natural Gas
- Crude Oil
- Ethane.
- Motor Spirit
- LPG (Liquefied Petroleum Gas)
- HSD (High-Speed Diesel)
- Superior Kerosene Oil
- Aromatic Rich Naptha