Full Form of ONGC (Oil and Natural Gas Corporation)
ONGC, or the Oil and Natural Gas Corporation, is an Indian multinational and self-owned crude oil corporation. It is counted in the Maharatna company. It originated in 1956 on august 14 and manufactured 70% of the Indian crude oil. ONGC is responsible for 84% production of natural gas in India, recognized as the most significant PSU in the country (as of 2019-2020). ONGC is also positioned at 7 among the 250 global energy companies and includes products like natural gas, petroleum, LNG, petrochemicals, electricity, and lubricants.
ONGC – How it Started?
1. 1947- 1960
Assam and Attock oil companies were the two crude oil companies pre-independence. After 1947, the country decided on the benefits and role of oil companies, making the hydrocarbon industry the major attraction. Around 1955, the country worked and set up the oil and natural gas industries. It is included in the public sector development of India.
2. 1961-1990
ONGC was set up and had been expanding since. People worked to develop their roles in the gas and oil sector. Projects started in Gujarat, and new provinces were set up. The government found a giant oil field in the 70s.
3. After 1990
ONGC was made a limited company in 1994, Feb. The new economic policy was adopted. Later in the years, ONGC expanded to downstream sectors, invested in Sakhalin, Vietnam, Venezuela, Columbia, Sudan, etc., and generated revenue from the same. ONGC is one of the top Maharatna companies today and is most admired. Thanks to the work that has been completed over the years. It is also ranked 3rd in the E&P industry around the globe, making it well-established.
Full Form of ONGC Overview
- Full Form of ONGC or Oil and Natural Gas Corporation is a well-established firm in the country and around the globe.
- ONGC is the largest mining leaseholder in India.
- It is also the largest exploration estate in the country.
- ONGC makes more than 83% of the oil saved.
- ONGC made 22 new oil discoveries in the year 2015, as well as conducted 10 new surveys.
- The RRR or the Reserve Replenishment Ratio in the last ten years is more than 1. It accounts for the 3P Reserves that are well-appreciated around the world.
ONGC Production
- Full Form of ONGC or Oil and Natural Gas Corporation has more than 6,000 oil wells along with 606 gas wells. You may get approx 1100 oil wells from the coastal areas and more than 4500 around the rest of the land. This date was last updated on April 1, 2015.
- Improvements by ONGC were made offshore in the west. The production rose by 7.5%.
- Production accounts for 1.2 million barrels of oil.
- Crude oil is accountable at 69%, whereas for natural gas, it’s 70%.
ONGC runs many operations; let’s go through some of them.
ONGC Operations
- ONGC runs the operations on three bases: convention, production, and exploration.
- It also has subsidiaries around the world. It is to spread its recognition and value globally.
Some of the establishments are:
1. ONGC Videsh Limited or the OVL
On June 15, 1989, the ONGC Videsh Limited, or the OVL, was made to look over or monitor the Oil and Gas prospects. These prospects included development, production, and exploration. The ONGC Videsh Limited, or the OVL, carries a 100% stake!
2. Hindustan Petroleum Corporation Ltd or the HPCL
We all have seen/ heard about the Hindustan Petroleum Corporation Ltd! It is a self-governed Indian company that deals with crude oil and natural gas. You may visit the headquarters in Mumbai! We have seen so many stops of Hindustan Petroleum in the country. It is well-established and owns 25% of the stake in the Indian market. It is one of the top-notch companies in the world.
Hindustan Petroleum Corporation Ltd, or the HPCL, is ranked 367 (out of 500) among global fortune companies. ONGC aims to serve excellence and attain growth with knowledge in the future. Apart from safety and health, it also ensures environmental compliance. The company absorbs and works on high ethics, business standards & values. It is an ongoing process of growth and sustainability!
Recommended Articles
We hope that this EDUCBA information on “Full Form of ONGC” was beneficial to you. You can view EDUCBA’s recommended articles for more information,
