Oil And Natural Gas Corporation Share Price

With almost 75% contribution to the entire Indian domestic production, Maharatna Oil and Natural Gas Corporation Limited, also known as ONGC, is the largest crude oil and natural gas company in India. As of December 31, 2020, the Government of India (GoI) holds a 60.41% stake in ONGC. 
This company is currently headquartered in New Delhi, while its operations are overseen by the Ministry of Petroleum and Natural Gas. ONGC contributes around 71% of the domestic needs of oil and gas. ONGC currently ranks 18th in Natural Gas and Oil operations. The company has been cited as the 'professional home to over 33 thousand employees. Out of 33 thousand plus employees, 6.57 % were females on March 31st, 2017.

Until 1955, major private companies were responsible for carrying out the work associated with exploring oil and natural gases. However, the GoI eventually realised the importance of crude oil and natural gas in India's industrial development and defence. This led to the development and framing of the Industrial Policy Statement in 1948. Eight years later, the GoI adopted the Industrial Policy Resolution of 1956, which aimed at developing the mineral oil industry and the formation of the Oil and Natural Gas Directorate.

In August 1956, the commission borne out of the directorate was converted into a statutory body by the Indian Parliamentary act, thereby improving the commission's powers. The Oil and Natural Gas Commission are thus to promote, organise, and implement necessary actions and programs for the exploration and development of petroleum resources. The commission is also instrumental in performing other activities conducive to transforming India's limited upstream sector. 

Major Milestones

Since its inception, the corporation has been involved in various acquisitions and shareholdings. Some of the recent developments in ONGC in the last two decades are:

1. 2003 - ONGC Videsh Limited or OVL was set up. This division is responsible for looking after ONGC's foreign assets. The OVL has acquired a 25% stake in Talisman Energy in the Great Nile Oil project.
2. 2006 - To mark the 50th anniversary of the ONGC, a commemorative coin set was issued. After the State Bank of India, ONGC is the second Indian company to have a coin set issued in its honour.
3. 2012 - ONGC acquired an 8.4% stake in ConocoPhillips of Kazakhstan for around USD 5 billion, making this the largest acquisition of ONGC.
4. 2014 - ONGC acquired a 10% stake in Videocon Group I, a Mozambican gas field.
5. 2015 - ONGC agreed to give USD 247 million offshore contract to Larsen & Turbo (L&T) for the Bassein development project.
6. 2016 - To facilitate the drilling and to create surface facilities to produce natural gas from Tripura's field, ONGC approved a direct investment of around 5,000 crore INR in February 2016
7. 2016 - Signed agreement to acquire 15% shareholding interest with Vankor- Russia's second-largest field by production for oil and natural gas.
8. 2017- ONGC acquired Hindustan Petroleum Corporation on July 19, 2017, as per the approval from the GoI.
9. 2020 - GoI currently holds a 60.41% stake in ONGC.
10. FY 2020 - ONGC spent more than 3 Lakh million INR towards multiple CAPEX initiatives.
11. 2022 - ONGC is the only public sector Indian company that has been featured in Fortune's most admired energy companies list.

Subsidiaries of ONGC

ONGC owns various subsidiaries overseas, including its involvement in 39 projects in 18 countries. The major countries where ONGC subsidiaries function includes Bangladesh, Sudan, Venezuela, Namibia, Brazil, Bangladesh, Kazakhstan, Myanmar, Russia, New Zealand, Vietnam, etc.

National and International Recognitions

As the largest oil and natural gas Indian company, ONGC has won various accolades in the recent decade. Some of the significant honors and recognitions that ONGC has in its kitty include

1. 2013: Top employer in the Energy Sector in India by Randstad Awards
2. 2014: winner of Golden Peacock Award under the category of corporate social responsibility practices as well as 2013 Peacock Award winner under the category of occupational safety and health
3. 2010: Conferred by the GoI with the 'Maharatna Status' allows ONGC to exercise more freedom in decision-making.
4. 2014: Awarded with the FICCI's Best company promoting sports award in February 2014.
5. 2019: Largest profit-making Public Service undertaking (PSU) in India and 7th largest in the 250 Platt's global energy Companies.