History Of ONGC Ltd

hii sir, I wants to know about the history of the ONGC Limited will you please tell me about the History of the ONGC Limited ?

[Pathak]

Oil and Natural Gas Corporation Limited is an Indian multinational oil and gas company headquartered in Dehradun, Uttarakhand, India


History of ONGC :

1947 – 1960

History 1947-1960During pre-independence, the Assam Oil Company in the North-Eastern and Attock Oil company in North-Western part of undivided India were the only oil companies producing oil in the country.

After independence, the Government realized the importance of oil and gas for rapid industrial development and its strategic role in defence. Consequently,


Until 1955, private oil companies mainly carried out exploration of hydrocarbon resources of India. Assam Oil Company was producing oil at Digboi, Assam (discovered in 1889) and the Oil India Ltd. (a 50% joint venture between Government of India and Burmah Oil Company


1956-57 to 1960-61).
In April 1956, the Government of India adopted the Industrial Policy Resolution, which placed mineral oil industry amongst the Schedule 'A' industries, the future development of which was to be the sole and exclusive responsibility of the state

1961 – 1990

Since its inception, ONGC has been instrumental in transforming the country's limited upstream sector into a large viable playing field, with its activities spread throughout India and significantly in overseas territories. In the inland areas, ONGC not only found new resources in Assam but also established new oil province in Cambay basin (Gujarat)

After 1990
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.