History of Oil and Natural Gas Corporation

I want to know about the history of the Oil and Natural Gas Corporation. If you have any idea about its history then please tell me about this like its year of establishment, name of founder and director name? Please provide me its brief profile?

Hii sir, I Wants to Know About the History of Oil and Natural Gas Corporation Wll you Please provide It ?

[pawan]

Oil and Natural Gas Corporation Limited (ONGC) is an Indian multinational oil and gas company earlier headquartered in Dehradun, Uttarakhand, India. As a Corporation, it's registered office is now at Deendayal Urja Bhavan, Vasant Kunj, New Delhi 110070 India.

History of the ONGC :

The liberalized economic policy, adopted by the Government of India in July 1991, sought to deregulate and de-license the core sectors (including petroleum sector) with partial disinvestments of government equity in Public Sector Undertakings and other measures.

As a consequence thereof, ONGC was re-organized as a limited Company under the Company's Act, 1956 in February 1994.

After the conversion of business of the erstwhile Oil & Natural Gas Commission to that of Oil & Natural Gas Corporation Limited in 1993,

the Government disinvested 2 per cent of its shares through competitive bidding. Subsequently, ONGC expanded its equity by another 2 per cent by offering shares to its employees.

During March 1999, ONGC, Indian Oil Corporation (IOC) - a downstream giant and Gas Authority of India Limited (GAIL) - the only gas marketing company, agreed to have cross holding in each other's stock.

This paved the way for long-term strategic alliances both for the domestic and overseas business opportunities in the energy value chain, amongst themselves. Consequent to this the Government sold off 10 per cent of its share holding in ONGC to IOC and 2.5 per cent to GAIL. With this, the Government holding in ONGC came down to 84.11 per cent.

Today, Oil and Natural Gas Corporation Ltd. (ONGC) is, the leader in Exploration & Production (E&P) activities in India contributing 72 per cent to Indias total production of crude oil and 48 per cent of natural gas.