Key developments at ONGC driving India’s Energy Landscape

Oil and Natural Gas Corporation (ONGC), the Indian oil major, was established in the year 1956. In the year 2010, ONGC was declared a Maharatna company by the Government of India. The vision of ONGC is “to be a global leader in integrated energy business through sustainable growth, knowledge excellence, and exemplary governance practices.” Over the years, ONGC has embraced unparalleled standards of business values and sound organizational principles. The key developments at ONGC in the recent times reflect their commitment towards their idea of India’s energy landscape.

Let’s look at the new developments at ONGC

On reports of the proposal for ONGC Videsh IPO, the company’s shares have risen by 4%. ONGC Videsh is the wholly owned subsidiary and overseas arm of Oil and Natural Gas Corporation. It is a Miniratna Schedule ‘A’ Central Public Sector Enterprise (CPSE) of the Government of India under the administrative control of the Ministry of Petroleum & Natural Gas. The primary business of ONGC Videsh is to prospect for oil and gas acreages outside India which include exploration, development, and production of oil and gas. The Indian Finance Ministry strongly believes that the listing of ONGC Videsh will add significant value to ONGC.

In April 2018, ONGC started off with its USD 5.07 billion Krishna-Godavari oil and gas project by spudding the first of the 34 wells. With this major project, ONGC expects to bring first gas to market by 2019 end and oil by 2020. Cumulatively, the project will produce around 25 million tonnes of oil and 45 billion cubic meters of gas with peak production of 78,000 barrels per day of oil and 15 million standard cubic meters per day. Undoubtedly, it will enhance the level of production by this oil giant.

The Way Forward

Every new development is one step ahead in India’s future of energy. Without an iota of doubt, ONGC is the mainspring of the Indian oil and gas industry!

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