Topics: Petroleum, Government of India, Oil well Pages: 5 (1442 words) Published: February 23, 2013
Type| Public|
Traded as| NSE: ONGC, BSE: 500312
BSE SENSEX Constituent|
Industry| Oil and gas|
Founded| 14 August 1959|
Headquarters| Tel Bhavan, Dehradun, India|
Key people| Sudhir Vasudeva
(Chairman & MD)|
Products| Petroleum, natural gas, and other petrochemicals| Revenue|  US$ 27.18 billion (2012)[1]|
Operating income|  US$ 6.55 billion (2012)[1]|
Profit|  US$ 4.22 billion (2012)[1]|
Total assets|  US$ 43.01 billion (2012)[1]|
Total equity|  US$ 25.74 billion (2012)[1]|
Owner(s)| Government of India|
Employees| 32,862 (2012)[1]|
Subsidiaries| MRPL|

Oil and Natural Gas Corporation Limited (ONGC) (NSE: ONGC, BSE: 500312) is an Indian multinational oil and gas company headquartered in Dehradun, India. It is one of the largest Asia-based oil and gas exploration and production companies, and produces around 77% of India's crude oil(equivalent to around 30% of the country's total demand) and around 81% of its natural gas.[2] It is one of the largest publicly traded companies bymarket capitalization in India.[3] ONGC has been ranked 357th in the Fortune Global 500 list of the world's biggest corporations for the year 2012.[4] It is also among the Top 250 Global Energy Company by Platts.[5] ONGC was founded on 14 August 1956 by the Indian state, which currently holds a 69.23% equity stake. It is involved in exploring for and exploiting hydrocarbons in 26 sedimentary basins of India, and owns and operates over 11,000 kilometers of pipelines in the country. Its international subsidiary ONGC Videsh currently has projects in 15 countries. Bold text==History== (talk) 02:16, 14 February 2013 (UTC)==Foundation to 1961== During the pre-independence period, the Assam Oil Company in the northeastern and Attock Oil company in northwestern part of the undivided India were the only oil companies producing oil in the country, 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 national Government realized the importance 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 unexplored. 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 Mr. K D Malviya, the-then 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...
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