Brief History of ONGC

Can you provide me a brief History of the making of Oil and Natural Gas Corporation (ONGC) as I am planning to apply for a job in it so want to know about it?

[pawan]

Oil and Natural Gas Corporation (ONGC) was set up in 1956 with significant contribution in industrial and economic growth of India. 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 ". The act further outlined the activities and steps to be taken by ONGC in fulfilling its mandate.

2000 to Present
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.

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.

In November 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.

In June 2015, Oil and Natural Gas Corporation (ONGC) given a Rs27bn ($427m) offshore contract for the Bassein development project to Larsen & Toubro (L&T).

In February 2016, the board of ONGC approved an investment of Rs. 5,050 crore in Tripura for drilling of wells and creation of surface facilities to produce 5.1 million standard cubic feet per day gas from the state’s fields.

Brief History of ONGC