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What is ONGC?
Oil and Natural Gas Corporation Limited (ONGC) is an Indian multinational oil and gas company headquartered in Dehradun, Uttarakhand, India. It is a Public Sector Undertaking (PSU) of the Government of India, under the administrative control of the Ministry of Petroleum and Natural Gas. ONGC was founded on 14 August 1956 by the Government of India as a public sector company.
History of Oil and Natural Gas Corporation.
ONGC was founded in 1956 as the Oil and Natural Gas Commission, a statutory body of the Government of India. It is headquartered in Dehradun, Uttarakhand. ONGC is India’s largest oil and gas exploration and production company. It produces around two-thirds of India’s crude oil (1.65 million barrels per day) and three-quarters of its natural gas (4.5 billion cubic meters per day). ONGC has a market capitalization of ₹2.01 trillion (US$29 billion) as of 16 February 2018.
ONGC was founded on 14 August 1956 as the Oil and Natural Gas Commission. It was established as a statutory body of the Government of India to regulate the oil and natural gas industries in India. The chairman of ONGC is Shashi Shanker, who took over from Dinesh K. Sarraf on 1 October 2017. ONGC has its headquarters in Dehradun, Uttarakhand.
In March 1959, the Indian government transferred the assets of the Burmah Oil Company, which had been nationalized in 1956, to ONGC. This gave ONGC control of the Panna-Mukta and Mid and South Tapti oil and gas fields.
In August 1959, ONGC acquired the Nagarjuna Oil Corporation, founded in 1948.
In 1960, ONGC acquired the Assam Oil Company.
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Overview of Oil and Natural Gas Corporation.
Oil and Natural Gas Corporation (ONGC) is an Indian state-owned oil and gas company headquartered in Dehradun, Uttarakhand. It is a Public Sector Undertaking (PSU) of the Government of India, under the administrative control of the Ministry of Petroleum and Natural Gas. ONGC was founded on 14 August 1956 by the Government of India as a public sector company. It is the largest integrated oil and gas company in India. It produces around 77% of India’s crude oil (1.7 million barrels per day) and around 62% of India’s natural gas (111 million cubic meters per day). ONGC has been ranked 363rd in the Fortune Global 500 list of the world’s largest companies for 2018.
Who is the Chairman of Oil and Natural Gas Corporation?
Ajay K. Saraf is the Chairman of the Oil and Natural Gas Corporation.
Major Functions of Oil and Natural Gas Corporation
Oil and Natural Gas Corporation Limited is a state-owned oil and gas company headquartered in Dehradun, Uttarakhand, India. It is the country’s largest oil and gas producer and accounts for around 60% of India’s crude oil production and around 85% of its natural gas production. The company also has a vast network of pipelines and refineries.
Role of Crude Oil for Oil and Natural Gas Corporation
Crude oil is a major source of revenue for oil and natural gas corporations. The oil and gas industry relies on crude oil to produce fuels such as gasoline and diesel and other products such as plastics and lubricants. Crude oil is also a key ingredient in the production of natural gas.
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