History of Oil and Natural Gas Corporation Ltd.
1956 -Oil & Natural Gas Corporation[ONGCs] was set up in 1956 with significant contribution in industrial & economic growth of country.
1959
- In October the Commission was converted into a statutory body by the Oil & Natural Gas Commission Act, 1959. The main objectives of the Commission were to plan, promote, organise & implement programmes for the development of oil & natural gas resources & the production and sale of oil & natural gas products.
- ONGC functions as the primary arm of Government as regards exploration for & exploitation of India petroleum resources. The Company revenues are derived primarily from the sale of its production of crude oil, natural gas, liquefied petroleum gas [LPGs],C2-C3 [ethane-propanes] & natural gasoline [NGLs].
- To strengthen reserves accretion portfolio & open up areas of future exploration, ONGC has undertaken an Accelerated Programme of Exploration with an outlay of Rs 3958 crores. - The main objectives of APEX was Enhancement in seismic surveys, enhancement in exploratory drilling, national seismic programme, exploration in frontier areas & acquisition of foreign acerage.
- ONGC has assimilated various technologies in the field of hydrocarbons explorations & exploitation. The Comp. owns Dornier-228 aircraft, chetak helicopter, offshore supply vessels and geo-technical survey vessel. It has 2 central work shops located at Baroda and Sibsagar, 7 project workshops & 11 auto workshops located at various project sites employing multifavious equipments & machinery. It has also state-of-the-art communication systems both terrestrial and satelite based for meeting operational and MIS requirements of onshore & offshore.
1992
- ONGC undertook exploitation of Coal Bed Methane [CBMs] potential in Damodar valley.
1993
- Oil & Natural Gas Corporation Limited ['ONGC's] was incorporated by the Government of India as a Public Limited Comp. under the Companies Act, 1956 on 23rd June. The Comp. is engaged in the exploration, development & exploitation of hydrocarbons i.e. crude oil and natural gas.
-The Comp. was subsequnely converted into a public limited Comp. in Jun.'93 following new liberalized economic policy adopted by Government of India in July, 1991 sought to deregulate and delicense the core sector [including petroleum sectors] with partial disinvestment of Govt. equity in Public Sector Undertakings & other measures.
1994
- The Comp. acquired the undertaking, business, assets and liabilities of erstwhile Oil & Natural Gas Commission ['the Commission's] on 1st February.
1996
- The company major projects include installed HX-HY platform for the development of Heera Phase III completion of Hazira terminal phase IIIA & the two EOR projects in the heavy oil velt in North Gujarat. In addition, ONGC submitted four new projects for government approval.
- ONGC holds 40% participating interest in three joint venture contracts for development of Ravva, Panna-Mukta & Mid and South Tapti.
- The Comp. embarked upon exploration in the deep sea basin on the East & West Coast of country. The interpretation of Seismic data acquired in the deep water offshore areas led to identification of a number of prospects in Krishna-Godavari, Cauvery, Kerala-konkan and Kutch basins.
- The Government gave its approval for a joint venture proposal of Gas Authority of India Ltd., Indian Oil Corporation, Bharat Petroleum Corporation limited and ONGC for import of LNG and setting up appropriate LNG terminals to meet the demand for gas in the country.
- ONGC Videsh Ltd is a wholly owned subsidiary of company.
- 3428,53,716 shares issued to the President of India. 1076,440,366 No. of equity shares issued as bonus shares. 66,39,910 No. of equity shares disinsted.
1997
- ONGC & Bharat Petroleum Corporation Ltd [BPCLs], are exploring the possibility of setting up the proposed paraxylene venture at Hazira as a private sector project.
- The Oil & Natural Gas Corporation [ONGCs] has taken up joint venture projects in the fields of exploration, development & production in seven countries: the United States, Russia, Vietnam, Yemen, Tunisia, Egypt & Kazakshtan.
- The Institute of Oil & Gas Production Technology [IOGPTs], a premier research & development institute of Oil & Natural Gas Corporation Ltd has been awarded the prestigious certificate of ISO 9001 for design development & consultancy including lab study & training for hydrocarbon production, processing & refining.
- ONGC would float a joint venture Comp. to carry out exploration at Neelam - an oilfield at Mumbai High. The venture with a private foreign Comp. would be set up with an equity participation of 50 per cent each.
- The ministry of petroleum & natural gas has invited joint ventures with Oil & Natural Gas Corporation for exploration.
- Royal Dutch Shell group, the world largest oil company, plans to join hands with Oil and Natural Gas Corporation to help revive production at the Neelam oil field of public sector company.
- For the first time in India, Oil & Natural Gas Corporation Ltd [ONGCs] has installed a 24-hour video conferencing facility from its control room at Bandra to offshore platforms in Mumbai Offshore.
- Leading global oil companies like Chevron, Occidental, Brown & Root Energy Services [BRESs], Total, Marathon Oil, Shell & Amoco have approached the Oil & Natural Gas Corporation [ONGCs] for a joint venture to enhance crude oil output from the Neelam field.
- The joint venture committee of Oil & Natural Gas Corporation [ONGCs] is close to finalising plans for picking up a stake in the Central India refinery.
- Oil & Natural Gas Corporation [ONGCs] is all set to implement of part of recommendations made by McKinsey and Co within two months.
- For the first time, Oil & Natural Gas Corporation [ONGCs], the oil exploration major, has evinced keen interest to participate in the equity of captive power project in Tamil Nadu.
- ONGC Ltd & PGS Ocean Bottom Seismic, a Norwegian company, have signed a Rs.180-crore contract for a three-dimensional ocean bottom cable technique seismic survey over the Mumbai High field. - PGS of Norway has been awarded the world largest 3-D seismic survey contract for Bombay High. This is the first time that Oil and Natural Gas Corporation [ONGCs] has awarded a turnkey contract, consisting of acquisition, processing & interpretation of seismic data.
- India largest oil exploration & production [I&Ps] company, Oil and Natural Gas [ONGCs] is all set to emerge as a major blue chip in the next millennium. - Oil & Natural Gas Corporation [ONGCs] has signed a pact with Chinese National Oil Co for Exploration & Development to undertake operations in other countries.
1998
- The proposed joint venture between the Oil & Natural Gas Corporation [ONGCs] & Lubrizol India may come a cropper.
- Oil & Natural Gas Corporation [ONGCs] board will shortly consider incorporating a new subsidiary for taking on contract jobs at home and abroad.
- Public sector giants ONGC & Gas Authority of India Ltd [GAILs] have locked horns over the setting up of an LPG recovery plant at Gandhar in Gujarat.
- The Oil & Natural Gas Commission has signed an agreement with the two government-sponsored gas units of Bangladesh to start exploratory drilling in Brahmanbaria & Habigonj region of neighbouring country. After signing of agreement, the ONGC has recently set up its office in Dhaka.
- The state-owned petroleum giant Oil & Natural Gas Corporation will soon initiate a large-scale organisation restructuring programme as part of efforts to make it more competitive in a liberalised global regime.
- Oil & Natural Gas Corporation [ONGCs] is holding negotiations with Arco, an American company, for setting up a 50:50 joint venture for coal bed methane [CBMs] exploration projects.
- Oil & Natural Gas Corporation [ONGCs] has launched a major oil hunt for the first time in the deep waters off the Krishna-Godavari [KGs] basin last week when its refurbished offshore rig, Sagar Vijay, commenced drilling operations at 530 metres depth in a structure off the Amalapuram coast in south Andhra Pradesh.
- State-owned Oil & Natural Gas Corporation [ONGCs] is planning to set up a state-of-the-art integrated radio communication system which would interconnect the company different offices within the country.
1999
- ONGC & the Russian oil giant Lukoil entered into an agreement last week for opening up increased opportunities for joint oil exploration and exploitation in Central Asian countries.
- Oil & Natural Gas Corporation Limited has mooted the idea of setting up a separate subsidiary in information technology to develop operational & distribution expertise for oil & petroleum industry.
- The Oil & Natural Gas Corporation [ONGCs] has set up an expert committee to inquire into the first ever fire at a gas producing well.
- The Oil & Natural Gas Corporation Ltd [ONGCs] will set up two major oil spill response centres in Mumbai & Kakinada along the western and eastern coasts, to combat emergency situations arising out of oil spills.
- In March, 1999, ONGC, Indian Oil Corporation [IOCs] a downstream giant & Gas Authority of India Limited [GAILs] the only gas marketing company, agreed to have cross holding in each other stock to pave the way for long-term strategic alliance amongst themselves, both for domestic & overseas business opportunities, in the energy value chain.
2000
- Oil & Natural Gas Corporation & Oil India Ltd have signed their annual memoranda of understanding [MoUss] with the government for performance targets for 2000-01.
- Oil & Natural Gas Corporation limited has entered into refinance agreement with the Bank of America for a $180 million syndicated loan to help ONGC repay its earlier costlier Citibank loan.
- The Comp. & Indian Oil Corporation limited have proposed a strategic partnership by way of setting-up an independent corporate entity for exploration & production of hydrocarbons & their refining and marketing abroad.
- The Oil & Natural Gas Corporation is exploring the option of introducing a voluntary retirement scheme for select groups which work in highly specialised activities like drilling.
- Coal India Ltd & Oil & Natural Gas Corporation have joined hands to set up a joint venture project for undertaking commercial exploitation of coal bed methane, which occurs in high rank coals in the coalfields of Raniganj west, Jharia ast, West Bokaro, Ramgarh and eastern part of north Karanpura.
- Indian Petrochemicals Corporation Ltd [IPCLs] has entered into a long-term agreemen with Oil & Natural Gas Corporation [ONGCs] Ltd. for the supply of nearly 5,70,000 tonnes per year of feedstock for its 4,00,000 tonne ethylene cracker at Nagothane.
- The Comp. is all set to sign a Memorandum of Understanding with Venezuela oil major Petroles, for joint efforts in upstream activities.
- The Comp. while gearing up for deregulation of hydrocarbons sector in 2002, will set up a separate marketing division in the month of September.
- ONGC & IOC two companies have formed aj oint venture, ONGIO, a name derived by mrging the initial letters of their respective acronyms, which will explore opportunities in training & consultancy in the oil Industry.
- The Comp. to set up a separate information technology Comp. which will cater specifically to the oil & gas industry.
- NTPC & ONGC are forming a new joint venture Comp. for setting up gas residue-based power projects.
- The Comp. would set up a 360-MW gas-based power project at Hazira in a joint venture with the National Thermal Power Corporation.
- ONGC Videsh limited will sign an MoU with Indonesian Oil Company Pertamina.
- The Comp. & Reliance have joined hands with Algeria Sonatrach to secure an oil field in Iraq for production of crude.
- The Oil & Natural Gas Corporation [ONGCs] & BSES have signed a memorandum of understanding [MoUs] wherein natural gas from an oil well - 75 km north of Bombay High - will be suppled exclusively to BSES.
2001
- Oil and Natural Gas Corporation Videsh Ltd., the overseas subsidiary of ONGC, will sign a 1.7 billion dollar deal with Russian national oil company Rosneft for taking 20 per cent stake in Russian Far East oil and gas field Sakhalin-I, in Mosocow on February 10.
- Oil & Natural Gas Corporation has signed a memorandum of understanding with the Ministry of Petroleum & Natural Gas for the production of 25.2 million tonnes of crude oil during 2001-2002.
- The Comp. has tied up with Indian Oil Corporation for undertaking oil exploration for eight deep-water blocks under the National Exploration Licensing Policy [Nelps] II. The tie up aims at reducing the financial risks involved in deep-water exploration.
- ONGC has formulated an exploration strategy for next 20 years, with the twin objectives of doubling the reserve base to 12 billion tonnes oil [BtOEs] equivalent besides raising the global recovery factor to 40 per cent or more.
- The ONGC, principally an oil & gas exploration & production company, has entered the refining sector too with the commissioning of the Tatipaka mini-refinery in East Godavari district on September 3rd
- : As part of its mega restructuring exercise, the Oil & Natural Gas Corporation has introduced a voluntary retirement scheme for trimming its 40,000 strong work force all over the country.
- The Oil & Natural Gas Corporation [ONGCs] plans to invest Rs 5,000 crore in the oil & gas exploration business in order to double its reserve base to 12 billion tonnes oil equivalent by 2020, according to the ONGC Chairman & Managing Director, Mr Subir Raha.
- The Consortium of Cairn Energy, Oil & Natural Gas Corporation and Tata Petrodyne will invest about $300 million in development of Lakshmi oil & gas field in Gulf of Khambat by 2008.
- OIL AND Natural Gas Corporation [ONGCs] won a two-decade-old litigation in the Supreme Court last week when it directed some 10 industries in Gujarat to pay ONGC interest at the contracted rates on arrears retained by them during the long period. With this order, ONGC is expected to get around Rs 500 crore.
-The Comp. entered into strategic alliance with Indian Oil Corporation & set-up ONGIO Internatinal Pvt limited on 8th June 2001 a 50:50 joint venture Comp. for Training, Consultancy and Services in Hydrocarbon Sector.
2002
- The board of directors of Oil & Natural Gas Corporation [ONGCs] has approved the acquisition of Aditya Birla group stake in the joint venture Mangalore Refinery & Petrochemicals Ltd [MRPLs].
- ONGC scraps 350 MW naphtha based Hazira power project
- ONGC decides to offer equity for international oil majors with which the Comp. would enter into agreement for deep-water exploration.
- Enters into contract with Gas Authority of India limited [GAILs] for supply agreements which include both customer end & supply end contracts.
- Acquires 20% in gas project of Daewoo International in South Korea
- Retains top most profit making Public Sector Comp. [PSUs] status
- Comp. dethrones Hindustan Lever limited [HLLs] to become India largest Comp. by market capitalisation
- Signs MoU with Bharat Heavy Electricals Ltd [BHELs] for supply, upgradation & refurbishment of oilfield equipment required for on-shore & off-shore applications
- Signs price pact with Indian Petrochemicals Corporation Ltd [IPCLs] for Ethane & Propane removing the one of last hurdles for privatisation of IPCL
- Gets membeship of Federation of Indian Chamber of Commerce and Industry [FICCIs]
- Government authorises the Comp. to retail petrol and diesel
- Discovers 363 million metric tonnes of crude oil in Gujarat
- Govt invites the Comp. to join Haldia Petrochemicals limited [HPLs]
- Hindustan Petroleum Corporation limited [HPCLs] ties-up with ONGC to purchase LPG
- ONGC strikes deal with refiners to sell crude at international prices
- ONGC ranked no.1 among ET 500
- Bags 13 oil blocks under New Exploration Licensing Policy [NELPs]
- Hits oil & gas in deep-water exploratory block off the Andhra Pradesh coast
- ONGC Videsh ties up with Talisman Energy Inc of Canada for purchase of 25 per cent interest in the Greater Nile project , in Sudan with an oil reserve of 150 million metric tonnes
2003
- Strikes huge oil & gas reserves west of its Bassein field in the Mumbai offshore region
- Finds oil & gas in four locations in offshore Mumbai, Assam & Krishna Godavari basin
- Discovers major oil & gas leads at five new locations [ Laiplingoan in the upper Assam basin & Kavitam in the KG basin - onland, B-22-5 in Mumbai offshore & GS-KW in the KG basin - offshores]
- Ties up with IOC for supply of crude oil
- Acquires 37.38% Equity Stake in Mangalore Refinery and Petrochemicals limited [MRPLs]
- ONGC Videsh limited [OVLs] purchases 25% stake of Canadian Talisman Energy in Sudan oilfield for $771 million
- Strikes oil & gas in Rajasthan
- Transfers the operations & maintenance [O&Ms] of its three multi-support vessels [MSVss], Samudra Suraksha, Samudra Sevak & Samudra Prabha, to Shipping Corporation of India [SCIs]
- Retains top spot in market cap in ET 500
- Gets the first consignment of its equity oil from the Greater Nile oil project in Sudan, where ONGC Videsh Limited [OVLs] has taken a 25 per cent stake
- Ships Sudan oil to India, the first ever shipment of Indian crude from a foreign field
- Comp. ranked in FT Global 500 list
- Enters into an MOU with Bharat Petroleum Corporation Ltd [BPCLs] for supply of crude oil for a period of two years from April 01, 2002 to March 31, 2004
- Hikes stake in Mangalore Refinery and Petrochemicals limited [MRPLs] to 71.49% from 51.25%
- Ends its two-year training & consultancy services joint venture with oil refining giant Indian Oil Corporation
- Kicks off deep-water exploration programme
- ONGC Videsh inks sales pact with Austria-based OMV Aktiengesellschaft for acquisition of OMV Aktiengesellschaft shares in two onshore exploration blocks in Sudan for a consideration of $115 million
- Signs agreement with HPCL to supply crude oil
-Cabinet asks ONGC to share part of subisdy onus on cooking fuels
-Smt R D Barkataki, Dr K R S Murthy, Shri J Jayaraman & Jawahar Vadivelu ceased to be Navratna directors of corporation. Shri U Sundararajan, Rajesh V Shah & M Chitale have been appointed as Navratna directors.
-Signed Memorandum of Understanding [MOUs] for supply of crude oil with HPCL..
-Oil & Natural Gas Corporation has agreed to be an equity partner of Gujarat Industrial Development Corporation for setting up the Dahej Special Economic Zone in south Gujarat. As per the MoU, ONGC will pick up 26 per cent equity & will be responsible for infrastructure development of SEZ.
- Oil & Natural Gas Corporation [ONGCs] & Bharat Petroleum Corporation [BPCLs] signed an agreement to cooperate with each other through sharing of their core strengths for exploration & production, & downstream oil refining & marketing.
-signed MoU with mangalore refinery & petrochemicals ltd for supplying crude oil
-Commenced drilling in its 46th well in the Bengal basin. Named Gobindapur 1,
-The Comp. entered into a Transaction and Strategic alliance with Cairn Energy Plc.
-The Comp. joins with China Petro to buy oil equity.
-Unveils $1 billion deep water drilling campaign at Gulf of Kutch
-The Cabinet Committee on Economic Affairs on December 18th approved award of five coal bed methane blocks for extracting gas from coal seams to state-run Oil & Natural Gas Corporation.
-ONGC - Disinvestment of 10% Equity by Government of India
-BSNL signs MoU with ONGC
2004
-Market capitalisation crosses Rs 100,000 crore
- The board has approved a proposal to invest Rs 900 crore in a five-million-tonne C2-C3 extraction plan
-Finance Minister allows ONGC to buy Mangalore Refinery & Petrochemicals stake
-ONGC decides to offer 32 marginal fields to private operators
-ONGC permitted to set up methane plant at Dahej
-Concept Comm bags biggest IPO offer in ONGC
-Service Contracts awarded by ONGC for six marginal Oil Fields
-ONGC launches the Deep-Water Campaign name 'Sagar Sammridhi'
-ONGC awards Rs 1,006 cr contract for Larsen and Toubro
-Govt. of India divests 10% stake in the Comp. by selling 14.26 crore shares at a cut-off price of Rs 750 per share
-awards Rs 160 cr three year order to supply oil exploration equipment for BHEL
-ONGC strikes oil in Bassein offshore field
- ONGC, the upstream petro-biggie, has decided to float a special economic zone [SEZs] at Dahej, Gujarat in joint collaboration with the Gujarat Industrial Development Corporation [GIDCs].
-The government on March 23 issued Rs 348.6 crore worth of fresh oil bonds to public sector oil companies ONGC & OIL. The bonds carry a coupon rate of 5% for a five-year tenor.
-ONGC Group sales breaches USD 10 Billion mark
-The Oil & Natural Gas Corporation [ONGCs] Ltd has discovered gas reserves at Khedabari village in Sonamura sub-division of West Tripura district with a production capacity of over two lakh cubic metre per day.
-Oil & Natural Gas Corporation [ONGCs] has tied up with the Indian Institute of Foreign Trade [IIFTs] for launching a special MBA course in international business for its middle-level executives.
-Oil & Natural Gas Corporation [ONGCs] enters into separate memorandum of understandings [MoUss] with four leading service providers for value-based commercial alliance for efficiency in different sectors of exploration & production [E&Ps] activities
-ONGC MoU with Schlumberger for value based commercial alliance
-Oil & Natural Gas Corporation [ONGCs] chairman & managing director Subir Raha has been conferred with the V Krishnamurthy award for excellence for 2004
-State-run exploration firm Oil & Natural Gas Corp [ONGCs] has signed an agreement with Infrastructure Leasing & Financial Services [IL&FSs] for setting up a gas-based power project in the North-East
-PTC India Ltd [formerly known as Power Trading Corporation of India Ltds] has entered into an agreement with Oil & Natural Gas Commission for trading of entire surplus from ONGC existing generating units & new power projects to be set up all over the country
-ONGC wins polymers extraction project
-OVL acquires 55 pc holdings in Australian oil block
-ONGC in ally with KSPL, IL&FS to develop Kakinada SEZ
-NLCL ties up with ONGC
2005
-ONGC clinches oil block deal in Nigeria
-ONGC forays into retail market with launch of first outlet at Mangalore
-Six ONGC geoscientists bag national mineral award
-ONGC ties up with Hindujas for implementing LNG terminals
- Oil & Natural Gas Corporation Ltd [ONGCs] bags trophy from Asiamoney for `best deals of year 2004'.
- Oil & Natural Gas Corporation [ONGCs] enters into a MoU with Indian Airlines to take two aircraft on lease to meet its operational requirements.
-Oil & Natural Gas Corporation & Mittal Investments Sarl, one of investment arms of L.N. Mittal group, entered into two MoU to form two overseas joint ventures companies ONGC Mittal Energy Ltd [OMELs] & ONGC Mittal Energy Services Ltd [OMESLs]
-GMDC, ONGC forge alliance for coal gassification project.
-ONGC signs MoU with IDE Infotech Ltd.
-ONGC join hands with Rajasthan for Dholpur power project.
-ONGC signs an agreement with CIL for coal mine gasification.
-ONGC Finance Director gets award
2006
-ONGC ties up with Singareni
-ONGC signs MoU with Maruti
-ONGC inks deal with Halliburton to enhance oil production
-Dutch IT co secures contract from ONGC
-ONGC joins hand with MUL for vehicle lease.
-ONGC internal audit bags ISO 9001 rating.
2007
-Oil & Natural Gas Corporation [ONGCs] has signed a memorandum of understanding with Tatarska Geophysica Technologies [TGTs] of Russia for increasing production of matured fields.
-ONGC, Eni signs agreement to swap exploration blocks.
-Oil and Natural Gas Corporation Ltd [ONGCs] has signed a Memorandum of Understanding [MoUs] with the Ministry of Petroleum and Natural Gas, agreeing on a set of Performance Parameters & targets for financial year 2007-08.
- ONGC has forayed into a memorandum of understanding [MoUs] with global oil major, BP, to collaborate in exploration & production [E&Ps] business in India & abroad.
