ONGC Full Form – Oil and Natural Gas Corporation Limited

Oil and Natural Gas Corporation Limited (ONGC) is India’s top energy explorer. It is a public sector company owned by the Government of India. It works under the Ministry of Petroleum & Natural Gas. ONGC searches for oil. It drills deep wells. It brings up crude oil and natural gas. It powers India’s energy future.

Full Form of ONGC

The full form of ONGC is Oil and Natural Gas Corporation Limited. The company supplies nearly 70% of India’s crude oil. It also provides around 84% of the country’s natural gas. The ONGC head office is in New Delhi.

ONGC works across the full oil and gas value chain. It is fully integrated, from exploration to production. The company explores and produces hydrocarbons in 26 Indian sedimentary basins. It owns and manages over 11,000 km of oil and gas pipelines.

ONGC runs around 230 drilling and workover rigs across India. Its global arm, ONGC Videsh, carries out oil and gas projects in 15 countries. This gives ONGC a strong global presence. ONGC has discovered 7 of India’s 8 producing basins.

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ONGC Overview

ONGC powers India’s energy future. It leads with innovation and trust. From oil fields to clean energy, it drives progress. It brings energy to homes, jobs to people, and hope to the nation. Here is an overview of the ONGC.

ONGC History

Oil production in India started before independence. The Assam Oil Company worked in the NE. Attock Oil Company operated in the northwest. Exploration was very limited. Most Indian basins were believed to hold no oil.

After 1947, India needed oil for development and defence. In 1948, the Industrial Policy recognized petroleum as a key sector. Still, until 1955, only private companies searched for oil.

In Assam, Digboi was already producing oil. Oil India Ltd, a joint venture with Burmah Oil, developed Naharkatiya and Moraan fields. In 1955, the Government stepped in. It set up the Oil & Natural Gas Directorate under the Ministry of Natural Resources. A small team from the Geological Survey of India led the work.

In April 1956, the Govt. placed mineral oil under Schedule A. Only the state could develop this sector. Soon, the directorate needed more power. In August 1956, it became the Oil & Natural Gas Commission. In 1959, it was made a statutory body through an act of Parliament. ONGC was now empowered to plan and manage petroleum development in India.

ONGC rapidly expanded India’s oil sector. It explored new areas across the country. In Assam, it discovered new reserves. In Gujarat, it found the Cambay basin. It also explored the Assam-Arakan Fold Belt and India’s eastern coast.

In 1963, it found oil in Sivasagar, Assam. New oilfields were set up in Lakua, Gelekey, and Rudrasagar. In the 1970s, ONGC expanded offshore and discovered the massive Mumbai High field in the Arabian Sea. Later, India found over 5 billion tonnes of hydrocarbons.

In February 1994, ONGC was listed on the stock exchange. 20% of its equity was sold to the public. The Government retained 80%. At that time, ONGC had 48,000 employees. It had ₹104.34 billion in reserves and ₹107.77 billion in net worth. Even in the 1950s, ONGC thought globally. Chairman K.D. Malaviya wanted India to invest abroad. ONGC applied for oil blocks in Iran. Iran gave ONGC four blocks.

In 2003, ONGC Videsh bought a 25% stake in Sudan’s Greater Nile Oil Project. In 2006, India issued a coin to mark ONGC’s 50th anniversary. It was the second Indian company to get such an honour after SBI. In 2011, ONGC planned a gas processing facility in Dahanu. In 2012, it drilled deepwater wells off Cuba with Repsol (Spain) and Statoil (Norway).

Also in 2012, ONGC found a major oil reserve in the D1 field. This increased output potential from 12,500 to 60,000 barrels per day. In January 2014, ONGC Videsh and Oil India Limited jointly acquired a 10% stake in a gas field in Mozambique.. The deal was worth $2.47 billion.

In July 2017, the Government allowed ONGC to buy Hindustan Petroleum Corporation Ltd. ONGC faced production challenges in recent years. In 2018, oil production was 20.8 million tonnes. By 2022–23, it dropped to 16.88 million tonnes.

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ONGC Vision

ONGC aims to lead the global energy sector. It wants to grow with care and responsibility. It values knowledge and learning. It follows strong rules of fairness and ethics.

ONGC Mission

ONGC works with the best minds. It uses advanced research and technology. It believes in honesty and strong values. Health, Safety, and the environment are top priorities. It wants to improve lives in every community.

• Work culture is based on trust and openness. It encourages teamwork and challenges people to grow. It aims to make customers happy with quality service.
• ONGC focuses on finding oil & gas in India and abroad. It connects with other areas of the energy sector. It builds new business opportunities. It wants to give high returns to its shareholders.
• ONGC is India’s top energy company. It wants to stay number one in petroleum. It works to meet the country’s growing energy needs.
• ONGC wants to cut down CO₂ emissions. It is working towards being carbon-neutral. Its entire chain of activities is focused on sustainability.

Subsidiaries of ONGC

ONGC runs many important companies under its banner. These help it expand both in India and abroad.

• ONGC Videsh Limited (OVL)

ONGC Videsh is its global arm. It began operations under this name on 15 June 1989. OVL looks for oil and gas outside India. It handles exploration, development, and production. Today, it has 38 projects in 17 countries.

• Hindustan Petroleum Corporation Limited (HPCL)

HPCL is based in Mumbai. It is a major oil & gas company in India. Among PSUs, it holds a 25% market share. It has a strong marketing network across the country. ONGC owns 51.11% of HPCL shares. The rest belong to financial firms, public investors, and others. In 2016, HPCL ranked 367 on the Fortune Global 500 list. Before acquiring HPCL, ONGC was not on this list.

• Mangalore Refinery and Petrochemicals Limited (MRPL)

MRPL is based in Mangalore. It has a capacity to process 15 million metric tons of crude per year. It runs two Hydrocrackers for premium diesel. It also operates two CCR units for high-octane petrol.

• ONGC Mangalore Petrochemicals Limited (OMPL)

OMPL is a petrochemical company. It is promoted by ONGC and MRPL. ONGC holds 49% and MRPL holds 51% stake. OMPL started on 19 December 2006. Its plant spans 442 acres in the Mangalore SEZ. The project cost was ₹5750 crore. The plant receives feedstock directly from MRPL.

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ONGC New Initiatives in Energy

Gas hydrate is like ice. It has gas trapped inside. The gas is in small water cages. It is found deep under the sea. It can be a big energy source, but it’s hard to extract. No country has done it yet.

ONGC is working in India. It joined the National Gas Hydrate Programme. India wants to use gas hydrates. ONGC is helping with research. A new research center was built. It opened on 14 September 2016. It is in Panvel. The center is called GHRTC.

ONGC’s Big Discovery

ONGC found gas hydrates. They are in the deep sea. They lie off the Andhra Pradesh coast. The area is the Krishna-Godavari basin. It has large gas reserves. ONGC found new reserves there. They are huge. The gas is about 134 trillion cubic feet. That’s one-third of the U.S. reserves. The U.S. is the top gas producer today.

India imports nearly 80% of the gas it uses. This heavy dependence increases costs and affects energy security. ONGC’s gas hydrate discovery could change that. If ONGC succeeds in extracting this gas, it can reduce imports. It can become self-reliant. It may not need to import gas.

ONGC’s Major Acquisitions

ONGC has made major global acquisitions to boost oil & gas reserves. Key deals include HPCL, Imperial Energy in Russia, Sakhalin-1, Vankorneft, & Rovuma in Mozambique. Through ONGC Videsh, it expanded into Africa, CIS, & Latin America, strengthening India’s energy security and creating a strong international presence.

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ONGC Challenges and Efforts

Many of ONGC’s fields are old. These are called brownfields. Their production drops over time. ONGC uses IOR and EOR methods. IOR means Improved Oil Recovery. EOR means Enhanced Oil Recovery. These help increase output. But they cost a lot. They also need high technology.

ONGC works in deep sea areas. Exploring underwater is tough. It needs special rigs and ships. The cost is very high. There are safety risks too. Weather and pressure make work harder.

Technology Gap India lacks some modern tools. ONGC often needs to import equipment. It depends on foreign help. This slows down work. It also increases project costs. ONGC is trying to change this. It invests in research and development.

ONGC must protect the environment. Drilling can harm marine life. Oil spills are a big threat. The company follows safety rules. It uses new methods to reduce risks. ONGC also wants to cut emissions. It supports carbon neutrality goals.

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ONGC Awards and Recognition

ONGC has won many awards. It is known for its good work. It has also earned global respect.

• Top Employer Award: ONGC won in 2013. Randstad gave the award. It was for best employer in energy.
• Golden Peacock Awards: ONGC got two awards. One was in 2013. It was for safety and health. The other was in 2014. It was for social responsibility.
• Forbes Global Ranking: ONGC was ranked 155. This was in 2013. The list was by Forbes. It showed ONGC’s global power.
• Transparency Award: ONGC was ranked 39. This was in 2011. Transparency International gave it. ONGC was India’s most honest company.
• Maharatna Status: ONGC became Maharatna. This was in 2010. The government gave this tag. It gave ONGC more freedom.
• FICCI Sports Award: ONGC won in 2014. FICCI gave the award. It was for promoting sports.
• Greentech Award: ONGC won in 2013. It was in Platinum Category. It was for green work.
• CSR Sponsorship: ONGC sponsored CSR awards. Amar Ujala organized it. ONGC supports good causes.

ONGC Full Form

What is ONGC Videsh?

ONGC Videsh is ONGC’s international arm. It manages oil and gas projects in 17 countries.

What is the ONGC Maharatna status?

Maharatna is a special status given by the Government of India to top PSUs. ONGC got it in November 2010.

Is ONGC listed on the stock exchange?

Yes. ONGC is listed on BSE and NSE. Its shares are owned by the Government, LIC, and public investors

Why is ONGC important?

ONGC is important because It helps India become energy secure.