With what objective was
ONGC set up?
Oil and Natural Gas Commission (ONGC)
came in to its existence in August. 1956 under the Government of India.
Thereafter during October, 1959, the Commission was converted into a
statutory body by an act of the Indian Parliament, which enhanced
powers of the commission further. The main functions of the Oil and
Natural Gas Commission subject to the provisions of the Act, were "to
plan, promote, organize and implement programs for development of
Petroleum Resources and the production and sale of petroleum and
petroleum products produced by it, and to perform such other functions
as the Central Government may, from time to time, assign to it”.
What is the
exact role of ONGC in “Oil & Gas” Sector?
ONGC has been shouldering the
responsibilities of a national oil company for the country since its
very inception, especially in the up-stream arena. The prime role has
been to discover hydrocarbon in the subsurface through relentless
exploration activities and development of discovered fields and then to
maximize production of hydrocarbon through optimal exploitation. The
exact role of ONGC is to upkeep and secure the energy security for the
countryto make it self-reliant in this front.
How do you
view the ONGC’s significant progress since its inception?
The birth of ONGC was almost concomitant
to the formative India following its independence. Therefore, the
progress of ONGC witnessed many formation changes since beginning. It
would be prudent to describe the progress as follows:
Before the independence of India, the
Assam Oil Company in the
north-eastern and Attock Oil companyin north-western part of the
undivided India were the only oil producing companies, with minimal
exploration input. The major part of Indian sedimentary basins was
deemed to be unfit for development of oil and gas resources.
After independence, the Central
Government of India realized the
importance of oil and gas for rapid industrial development and its
strategic role in defense. Consequently, while framing the Industrial
Policy Statement of 1948, the development of petroleum industry in the
country was considered to be of utmost necessity.
Until 1955, private oil companies mainly
carried out exploration of
hydrocarbon resources of India. In Assam, the Assam Oil Company was
producing oil at Digboi (discovered in 1889) and Oil India Ltd. (a 50%
joint venture between Government of India and Burmah Oil Company) was
engaged in developing two newly discovered large fields Naharkatiya and
Moraan in Assam. In West Bengal, the Indo-Stanvac Petroleum project (a
joint venture between Government of India and Standard Vacuum Oil
Company of USA) was engaged in exploration work. The vast sedimentary
tract in other parts of India and adjoining offshore remained largely
In 1955, Government of India decided to
develop the oil and natural gas
resources in the various regions of the country as part of the Public
Sector development. With this objective, an Oil and Natural Gas
Directorate was set up towards the end of 1955, as a subordinate office
under the then Ministry of Natural Resources and Scientific Research.
The department was constituted with a nucleus of geoscientists from the
Geological Survey of India.
A delegation under the leadership of the
Minister of Natural Resources
visited several European countries to study the status of oil industry
in those countries and to facilitate the training of Indian
professionals for exploring potential oil and gas reserves. Experts
from Romania, the Soviet Union, the United States and West Germany
subsequently visited India and helped the government with their
expertise. Soviet experts later drew up a detailed plan for geological
and geophysical surveys and drilling operations to be carried out in
the 2nd Five Year Plan (1956-61).
In April 1956, the Government of India
adopted the Industrial Policy
Resolution, which placed Mineral Oil Industry among the schedule 'A'
industries, the future development of which was to be the sole and
exclusive responsibility of the state.
Soon, after the
formation of the Oil and Natural Gas Directorate, it
became apparent that it would not be possible for the Directorate with
its limited financial and administrative powers as subordinate office
of the Government, to function efficiently. So in August, 1956, the
Directorate was raised to the status of a commission with enhanced
powers, although it continued to be under the government. The creation
of the national oil company in 1956, christened Oil & Natural Gas
Commission – was Nehru’s lasting legacy to his countrymen.
Malaviya had rightfully earned the sobriquet of the “Father
of Indian Petroleum industry”, it was Nehru’s guidance and the helping
hand at every critical juncture that pulled ONGC through its teething
troubles. Even the very idea of creating a separate petroleum division
in 1955 had provoked strident opposition from powerful bureaucrats and
politicians, egged on by Western petroleum lobbies. The multinational
oil cartels tried their best to ensure that India did not venture into
oil exploration on its own.
stratagem employed by them was to acquire, by hook or crook,
petroleum exploration licences of large Blocks in promising sedimentary
basins in Assam and Jaisalmer“provinces” which were then valid for a
period of 40 years. The underline objective was to keep those basins
under their ‘control’ with just a semblance of exploration activity so
as to deny their access to other oil companies and, in particular, a
national oil company. In fact, Stanvac had almost succeeded in
obtaining a prospecting licence for Jaisalmer in 1954 with the active
support of the then Rajasthan chief minister. Nehru was able get that
scuttled at the persistence of Malaviya.
every time, stepped in whenever the Planning Commission,
or the finance ministry or the petroleum ministry (then known as the
ministry of Natural Science & Scientific Research), nit-picked on
ONGC’s financial proposals; Nehru invariably walked in as the guardian
angel to wave his magic wand. Thus Malaviya and ONGC gradually went
ahead. Nehru’s support at every step was overpowering and crucial.
By putting ONGC
on its feet was not the end of the story. Nehru
continued to nurture ONGC in its years of infancy by interacting with
its top brass on each and every occasion, and also by waving his magic
wand whenever and wherever necessary. Nehru also visited Dehra Dun in
the early years of ONGC, and later Cambay and Ankleshwar when the two
fields struck oil. Nehru couldn’t visit Jwalamukhi when ONGC spudded
its first well on April 20, 1957. But he, nevertheless, made sure to
send a special message, describing the event as a new and major step in
search of oil, and the beginning of a great venture. Even in those
early years, Nehru had realized the importance of oil, and declared
that it was vital not only in the world economy but also in world
In October 1959, the Commission was
converted into a statutory body by
an act of the Indian Parliament, which enhanced powers of the
commission further. The main funct1ions of the Oil and Natural Gas
Commission subject to the provisions of the Act, were "to plan,
promote, organize and implement programs for development of Petroleum
Resources and the production and sale of petroleum and petroleum
products produced by it, and to perform such other functions as the
Central Government may, from time to time, assign to it ". The act
further outlined the activities and steps to be taken by ONGC in
fulfilling its mandate.
Since its inception, ONGC has been
instrumental in transforming the
country's limited upstream sector into a large viable playing field,
with its activities spread throughout India and significantly in
overseas territories. In the onland areas, ONGC not only found new
resources in Assam but also established new oil province in Cambay
basin (Gujarat), while adding new petroliferous areas in the
Assam-Arakan Fold Belt and East coast basins (both inland and
offshore). ONGC went offshore in early 70's and discovered a giant
oil field in the form of Bombay High, now known as Mumbai High. This
discovery, along with subsequent discoveries of huge oil and gas fields
in Western offshore changed the oil scenario of the country.
Subsequently, over 5 billion tonnes of hydrocarbons, which were present
in the country, were discovered. The most important contribution of
ONGC, however, is its self-reliance and development of core competence
in E&P activities at a globally competitive level.
ONGC became a
publicly held company in February 1994, with 20% of its
equity were sold to the public and eighty percent retained by the
Indian government. At the time, ONGC employed 48,000 people and had
reserves and surpluses worth 104.34 billion, in addition to its
intangible assets. The corporation's net worth of 107.77 billion
the largest of any Indian company.
In 1958 the then
Chairman, Keshav Dev Malaviya, held a meeting with
some geologists in the Mussoorie office of the Geology Directorate
where he accepted the need for ONGC to go outside India too in order to
enhance Indian owned capacity for oil production. The argument in
support for this step, by LP Mathur and BS Negi, was that Indian demand
for crude would go up at a faster rate than discoveries by ONGC in
followed this up by making ONGC apply for exploration licenses
in the Persian Gulf. Iran gave ONGC four blocks and Malaviya visited
Milan and Bartlseville to request ENI and Phillips Petroleum to join as
partners in the Iran venture. This resulted in the discovery of the
Rostum oilfield in the early 'sixties, very soon after the discovery of
Ankleswar in Gujarat. This was the very first investment by the Indian
public sector in foreign countries and oil from Rostum and Raksh was
brought to Cochin where it was refined in a refinery built with
technical assistance from Phillips.
In 2003, ONGC Videsh Limited (OVL), the
division of ONGC concerned with
its foreign assets, acquired Talisman Energy's 25% stake in the Greater
Nile Oil project.
ONGC Videsh forayed into Vietnam as
early as 1988, when it was awarded
the exploration license for Block 06.1. Presently the Block is
producing natural gas. The company also got exploration Blocks 127 and
128 in 2006. Block 127 was relinquished after completing the work
programme. Block 128 is currently under exploration.
In 2006, a commemorative coin set was
issued to mark the 50th
anniversary of the founding of ONGC, making it only the second Indian
company (State Bank of India being the first) to have such a coin
issued in its honor.
In 2011, ONGC applied to purchase 2000
acres of land at Dahanu to
process offshore gas. ONGC Videsh, along with Statoil ASA (Norway)
and Repsol SA (Spain), has been engaged in deep-water drilling off the
northern coast of Cuba in 2012. On 11 August 2012, ONGC announced
that it had made a large oil discovery in the D1 oilfield off the west
coast of India, which will help it to raise the output of the field
from around 12,500 barrels per day (bpd) to a peak output of 60,000 bpd.
2012, OVL agreed to acquire ConocoPhillips' 8.4% stake in
the Kashagan oilfield in Kazakhstan for around US$5 billion, in ONGC's
largest acquisition to date. The acquisition is subject to the
approval of the governments of Kazakhstan and India and also to other
partners in the Caspian Sea field waiving their pre-emption rights.
In January 2014,
OVL and Oil India completed the acquisition of
Videocon Group’s ten percent stake in a Mozambican gas field for a
total of $2.47 billion.
ONGC Videsh Ltd
has won an Exploration Block- 14TAR-R1 in New Zealand
in the Bidding Round Block Offer-2014 by the Government of New Zealand.
The bidding round was launched in April 2014 offering five offshore and
three onshore release areas for competitive bidding. ONGC Videsh
submitted bid for one exploration block located in the Taranaki
offshore basin in October 2014.
permit has been awarded to ONGC Videsh by Mr. Simon
Bridges, Hon’ble Minister of Energy and Resources, Government of New
Zealand at a formal ceremony held at Wellington in the Parliament on
Tuesday, 9th December 2014.
The award of block signifies entry of
ONGC Videsh into a new Country, taking its presence in 17 countries in
ONGC as a
Premier National Company is committed to and will be
continuing its endeavour for securing the energy perspective of the
country through its relentless effort in exploration of hydrocarbon –
both within the country and abroad.
How is the overall
scenario of “Oil & Gas’Sector in India?
The oil and gas sector is one of the six
core industries in India. It
is of strategic importance and plays a pivotal role in influencing
decisions across other important spheres of the economy.
India is the fourth-largest energy
consumer (2013) of oil & gas in the world, accounting for 37 per
cent of total energy consumption. Oil consumption is estimated to reach
four million barrels per day (MBPD) by FY16, expanding at a compound
annual growth rate (CAGR) of 3.2 per cent during FY08-16. By 2025,
India is expected to overtake Japan to become the third-largest
consumer of oil.
The country has 5.7 billion barrels of
proven oil reserves. It had 47.8 trillion cubic feet (TCF) of gas
reserves and produced 33.7 billion cubic meter (BCM) of gas in 2013.
India has 19 refineries in the public
sector and three in the private sector. In FY14, public sector
refineries accounted for 53.4 per cent of total refinery crude
India has 9,460 km of
crude oil pipelines and 14,083 km of product pipelines.
Backed by new oil fields, domestic oil output is anticipated to grow to
1 MBPD by FY16. With India developing gas-fired power stations,
consumption is up more than 160 per cent since 1995. Gas consumption is
likely to expand at a CAGR of 21 per cent during FY08–17.
Domestic production accounts for more than three-quarter of the
country’s total gas consumption.
India increasingly relies on imported LNG; the country was the
fifth-largest LNG importer in 2013, accounting for 5.5 per cent of
global imports. India’s LNG imports are forecasted to increase at a
CAGR of 33 per cent during 2012–17.
State-owned ONGC dominate the upstream segment (exploration and
production), accounting for approximately 60 per cent of the country’s
total oil output (FY13).
IOCL operates 11,214 km network of crude, gas and product pipelines,
with a capacity of 1.6 MBPD of oil and 10 million metric standard cubic
metre per day (MMSCMD) of gas. This is around 30 per cent of the
nation’s total pipeline network. IOCL is the largest company, operating
10 out of 22 Indian refineries, with a combined capacity of 1.3 MBPD.
Reliance launched India’s first privately owned refinery in 1999 and
gained considerable market share (30 per cent). Essar’s Vadinar
refinery has a capacity of 20 MMTPA, currently accounting for around 10
per cent of total refining capacity.
According to data released by the Department of Industrial Policy and
Promotion (DIPP), the petroleum and natural gas sector attracted
foreign direct investment (FDI) worth Rs 31,620 crore (US$ 4.97
billion) between April 2000 and September 2014.
Following are some of the major investments and developments in the oil
and gas sector:
Petronet LNG Ltd plans to expand capacity of its Dahej terminal in the
western state of Gujarat to 17.5 million tonnes per annum (MTPA), said
Mr A K Balyan, Managing Director, Petronet LNG.
Gujarat State Petroleum Corp Ltd (GSPC) plans to pick up stakes in
Vadodara Gas Co Ltd (VGCL), which services the Vadodara municipality
area and Sabarmati Gas Ltd (SGL) that supplies gas in three northern
district of Gujarat.
Finland-based Chempolis Ltd has signed a partnership agreement with
Bharat Petroleum Corporation Ltd's Assam-based refinery, Numaligarh
Refinery Ltd (NRL), to build a world class biorefinery.
Gulf Petrochem Group plans to invest an additional Rs 500 crore (US$
78.59 million) in India to enter the cluttered and competitive
lubricants market worth Rs 6,000 crore (US$ 943.13 million).
ONGC Videsh Ltd (OVL) and Pemex-Exploracion Y Produccion, the National
Oil Company of Mexico, have entered into a memorandum of understanding
(MoU) to cooperate in the hydrocarbon sector in Mexico.
Bharat Petroleum Corp Ltd (BPCL) has planned to invest Rs 13,000 crore
(US$ 2.04 billion) in energy exploration and production in Mozambique
and Brazil over the next four years. It will be the firm's biggest
investment in the upstream sector.
||Petronet LNG Ltd plans to
expand capacity of its Dahej terminal in the western state of Gujarat
to 17.5 million tonnes per annum (MTPA), said Mr A K Balyan, Managing
Director, Petronet LNG.
||Gujarat State Petroleum Corp
Ltd (GSPC) plans to pick up stakes in Vadodara Gas Co Ltd (VGCL), which
services the Vadodara municipality area and Sabarmati Gas Ltd (SGL)
that supplies gas in three northern district of Gujarat.
||Finland-based Chempolis Ltd
has signed a partnership agreement with Bharat Petroleum Corporation
Ltd's Assam-based refinery, Numaligarh Refinery Ltd (NRL), to build a
world class bio-refinery.
||Gulf Petrochem Group plans
to invest an additional Rs 500 crore (US$ 78.59 million) in India to
enter the cluttered and competitive lubricants market worth Rs 6,000
crore (US$ 943.13 million).
||ONGC Videsh Ltd (OVL) and
Pemex-Exploracion Y Produccion, the National Oil Company of Mexico,
have entered into a memorandum of understanding (MoU) to cooperate in
the hydrocarbon sector in Mexico.
||Bharat Petroleum Corp Ltd
(BPCL) has planned to invest Rs 13,000 crore (US$ 2.04 billion) in
energy exploration and production in Mozambique and Brazil over the
next four years. It will be the firm's biggest investment in the
Three landmark initiatives for energy efficiency – Design Guidelines
for Energy Efficient Multi-Storey Residential Buildings and Star
Ratings for Diesel Gensets and for Hospital Buildings – were launched
by Mr Dharmendra Pradhan, Minister of State with Independent Charge for
Petroleum and Natural Gas, Government of India.
Some of the major initiatives taken by the Government of India to
promote oil and gas sector are:
High lights of E&P
Sector during 2013-14 in India
||India and Norway have
discussed bilateral relationship between the two countries in the field
of oil and natural gas and decided to extend cooperation in hydrocarbon
||India and Vietnam have stepped up
cooperation in the energy sector
as ONGC Videsh and PetroVietnam Exploration Production Corporation has
signed an agreement to explore three oil blocks.
||The Government of India has planned to
set up a Petroleum,
Chemicals and Petrochemicals Investment Region (PCPIR) near Bina,
Madhya Pradesh with an investment worth around Rs 1 trillion (US$ 15.71
||The Government of India gave its
approval to sign a memorandum of
understanding (MoU) between India and the US for cooperation in gas
hydrates for a period of five years.
||13 oil and15 gas discoveries have been
||Crude oil production in the year is
||Natural gas production in the year is
||In place accretion isin the order of
313.32 MMT (O+OEG)
||Accretion of reserves has attained 99.79
MMT(O+OEG) during the year.
||In totality 652 wells have been drilled
as Exploratory and Development wells.
||ONGC has produced 22.245 MMT of oil
& 23284 MMSC of gas during
2013-14. In totality it has produced 45.529 MMT O+OEG in 2013-2014
India has been among the world’s fastest growing economies. With
expanding economy comes an increasing demand for energy and, if current
trends continue, India will be the world’s third largest energy
consumer by 2020.
Due to the expected strong growth in demand, India’s dependency on oil
imports is likely to increase further. Rapid economic growth is leading
to greater outputs, which in turn is increasing the demand of oil for
production and transportation.
The National Gas Hydrate Programme (NGHP) Expedition-02 and 03 are
under advanced stage of planning and are due in the period 2014 - 2017.
Under the programme the government plans to core 20 sand prone sites
and drill 40 wells.
Vast areas of India’s sedimentary basins remain unexplored. The
exceptional discoveries of oil and gas in recent years have placed
India firmly on the global oil and gas map and brought about a paradigm
shift in the minds of potential investors in the upstream sector in
India. India imports more than 70 per cent of its crude requirement
which is the single biggest item of foreign exchange outgo. But at the
same time petroleum exports constitute the country’s single largest
item of foreign exchange earner. Till about 12 years ago, the petroleum
sector was almost totally controlled by national oil companies. Today,
there are many players both in the upstream and downstream sectors.
Indian oil scene looks vibrant.
potential “Oil & Gas” Sector has in India?
India has an estimated sedimentary area
of 3.14 Milion square kilometre over 26 Sedimentary basins. The
deep-water area covers 1.30 Milion Square kilometre whereas on-land and
shallow offshore area accounts for 1.84 million square kilometre.As on
3103 2014, 0.38 million square area is held under Petroleum Exploration
Licenses (PELs) in 17 basins and 0.068 million square kilometre area is
held under Petroleum Mining Licenses (PMLs) in 7 basins. The petroleum
exploration is being undertaken in India primarily by the national Oil
companies (ONGC and oil) and private/ joint venture companies. Before
implementing the NELP policy by Govt. of India in the year 1999 only
11% of Indian Sedimentary basins was under exploration which has now
increased significant. The conventional Hydrocarbon Prognosticated
resources in 15 sedimentary basins along with deep-water areas of the
countries are of the order of 28.1 billion tons of oil and oil
equivalent gas. Until now only in-place hydrocarbon volume of 10947 MMT
of oil and oil equivalent gas could be established through exploration
by the national companies (ONGC & OILLL) and private/ JV companies
as on 3103 2014. Therefore, it is apparent that approximately 17
billion tons i.e. 61% of resources (Oil and oil equivalent of gas) can
be considered as “yet to find categories”. Out of 10947 MMT of oil and
oil equivalent gas of in place volumes the ultimate reserves is can be
produced are about 4098 MMT of oil land oil equivalent gas. Therefore,
the balance recoverably reserves are of the order of 2190 MMT of oil
and oil equivalent gas.
Details are furnished in the following
|Balance Recoverable Reserves
|Note: Conversion factor : 1 Cubic meter
= 35.3147 cubic feet
Globally attention has already been given for tapping un-conventional
hydrocarbon resources for mitigating the globally declining trained of
conventional resources in view of increasing demand of the same. The
list of such hydrocarbon resources are as follows:
CBM resources are 2600 Billion Cubic meters of CBM in 11 states of
India out of which initial- in – place reserves of 280 billion cubic
meters of CBM in 3 states of India. These states are Madhya Pradesh (by
RIL), West Bengal (by GECL, ESSAR & ONGC and Jharkhand) (by ONGC).
So rest is still to be established.
It is estimated that a number of on land sedimentary areas
in Gangetic plain, Gujarat, Rajasthan, Andhra Pradesh and Assam in
India, including the hydrocarbon bearing basins – Cambey, Cauvery,
Krishna Godavari, Assam Arakan and Damodar (Gondwana) have large shale
deposit. Various agencies have established shale gas/ oil resource
potential in selected sedimentary basins in India. Some few of them are
|M/s. Schlumberger : 300 to 2100 TCF of
shale gas resource in the country (Public domain data in January 2011)
|Energy Information Administration in USA
in 2011: 290 TCF of
shale gas resource in 4 basins (Cambey, Damodar, Krishna Godavori and
Cauvery on lands).
|Energy Information Administration in USA
in 2013: 584 TCF of
shale gas resource and 87 billion barrels of shale oil resource in 4
basins (Cambey, Damodar, Krishna Godavori and Cauvery on lands).
|ONGC: 187.5 TCF of shale gas resources
in 5 basins (Cambey
onland, Ganga Valley, Assam and Assam Arrakan, Krishna Godavaryon land
and Cauvery on land).
|Central Mind Planning and Design
Institute (CMPDI): 45 TCF of
shale gas resource in 6 of basins (Jharia, Bokaro, North Karanpura,
South Karanpura, Raniganj and Sohagpur).
|Unite States Geological Survey (USGS):
In January 2012 has also
estimated technically recoverable shale gas resource of 6.1 TCF in 3
basins (Cambay, Krishna Godavary and Cauvery On-land).
|USGS in April 2014, has also estimated
62 million barrels of
shale oil in Cambay Basin and more than 3.7 TCF of gas in tight sand
stone gas reserves in Cambary and Krishna Godavari basins.
|Govt. of India (GOI) has taken
initiatives in this front by issuing
Policy Guidelinesin this regards on 14 October, 2013. ONGC has already
drilled 1 well in Cambay basin in Gujarat for shale
gas/Shale gas exploration.
The presence of gas hydrate
was established in 2006 in the East Coast of India in Krishna-Godavari,
Mahanadi and Andaman area in highly complex geologic settings. The
National Gas Hydrate Programme (NGHP) has already been in place and
India has acquired core samples under NGHP- 01 Expedition in 2006.
Based on the findings of this expedition, Krishna – Godavari deep-water
and Mahanadi deep-water area have been considered as potential areas
for Gas Hydrate. During NGHP-02 expedition which is presently under
planning stage, it has been planned for drilling and coring in 20
prioritized sites. It has been earmarked by the NGHP geoscientists that
depending on the results of NGHP-02, a suitable site for carrying out
pilot production testing will be identified during NGHP-03.
will be worth-mentioning that the cooperation between India (DGH)
and U. S. Geological Survey (USGS) on exchange of scientific knowledge
and technical personnel in the field of Gas Hydrate is in progress
towards its exploration as an alternate source of energy.
The prognosticated gas hydrate resources for India is around 1894 TCM
as per earlier studies and USDOE published in Feb, 2012 that around 933
TCF is the concentration of gas hydrate in sands within the gas hydrate
From the above, it is apparent that lots of scope still exists for
future hydrocarbon exploration in the country. Globally, it has been
felt that ‘Easy Oil’ has been discovered / exploited already;
therefotre, I strongly feel that advent of new cutting-edge technology,
new perceptions and consequent investments are the need of the hour for
discovering new fields and also for increasing the recovery factor of
the old / aging hydrocarbon fields, both globally and domestically.
This will essentially help in mitigating the ever increasing demand of
Undoubtedly, the coming years will be very much challenging and
adventuring too as far as establishing the potential of ‘Oil & Gas’
How do you
see the ONGC in the year 2030?
ONGC has been at the forefront of
ensuring hydrocarbon availability for
the last 56 years and need to continue playing this critical
role. To sustain a 7-8% GDP growth rate till 2030, India will
need a 3% growth rate in hydrocarbon availability. A strong production
growth of 4 to 5 percent is essential to maintain its leadership and
provide the country energy security. As a national oil company, ONGC
aspires to increase its share in India’s hydrocarbon consumption from
the current 22% to 27% by 2030.
ONGC is well positioned for growth. ONGC
will need to maintain focus on
this core exploration and production business both internationally and
domestically, diversify into unconventional resources and expand
strategically in renewables and downstream.
To meet up this objective, a comprehensive road map has been
conceptualized by the Management i.e. PP-2030 wherein it has been
aspired for the followings:
||2 fold production growth in E&P
||3 fold growth in Revenue and EBITDA
||4 fold growth in market cap
||5 fold growth in non E&P business
||6 fold growth in international E&P
To make above aspirations into a
reality, five ‘Shaping Moves’ have
been perceived which are as follows:
The basic ambition of
ONGC have been aimed with the following targets:
|Grow overseas E&P to source 60
|Unlock 450+ mmtoe from domestic YTF
|Accelerate 300-400 mmtoe of
|Secure alliance for new resource types
|Build non-E&P business to 30% of
|Sustain production growth 4 to 5%
|> 130 mmtoe production in 2030 (50%
|1300 mmtoe proved reserves.
|6.5 GW alternate energy, 9 mmtpa LNG
||Full downstream value capture in
The targets are very much aspiring but
it is possible and ONGC will
certainly not keep any stone unturned for achieving the targets set
forth for becoming the global E&P player and strengthen its
position as India’s leading energy company by 2030.
Note: Information have been taken from the web based sources, Annual
reports of the organisations available in the public domains and