ONGC Full Form
ONGC Full Form- What is ONGC? ONGC is an Indian multinational company which is one of the largest producers of oil and natural gas in India.
ONGC Full Form is mentioned below :
|Oil and Natural Gas Corporation|
What is ONGC ?
ONGC’s area of operation extends from eastern to western coast of India and the adjoining international waters. It owns and operates a net production of more than 2.5 million barrels of oil per day. It has an integrated portfolio of exploration, development, producing and marketing of hydrocarbons. The oil and natural gas industry plays a key role in the India economy by generating employment for millions of people, providing a livelihood to nearly 8% of the country’s gross domestic product (GDP), and contributing 12% of the country’s total tax revenue.
A historical story tells us that INDRIAB, a director of the ONGC has also been the one to propose a payment of 1 rupee for every liter of petrol and diesel produced by ONGC for the 20 crore people of the country. Later it was increased to 1 rupee per litre and it was followed up to the current practice of 54 paisa per litre. So ONGC is essentially a PSU and public sector undertaking of India. This 1 rupee per litre of oil is worth Rs 16,666 crore per annum to ONGC. The company will earn this amount by selling crude oil and sale of other petroleum products that it is producing. ONGC is going to earn this amount every year till 2034. ONGC operates 11 reservoirs to hold more than 1.1 billion cubic feet of natural gas. The company has 18 oil and gas fields in the Andamans and Nicobar.
Historical references of Oil and Natural Gas Corporation Osmania Sugar Factory was established in 1879 with the objective of production of food to meet the needs of the growing populations of Hyderabad and Nizamabad. In 1913, the Sugar Factory of Ummaboda was amalgamated with it. In 1947, during the Partition of India, the Nizam State
On October 4, 1953, the National Gas Company Ltd, which was later renamed as ONGC was formed by the Government of India. The main aim of this new company was to explore for new oil reserves across the country. In the first half of 1955, the ONGC commenced commercial operations in the open cast-conventional or conventional oilfields of Panipat. The second half of the same year, the organisation signed a joint development agreement with the British company to explore the natural gas fields of the entire East Ghats chain of mountains in Karnataka. In 1965, ONGC established a research and development unit in Mumbai. On September 24, 1965, the Government of India took a decision to issue new shares to the public. The Government of India’s holdings in ONGC increased to 60.
ONGC’s role :
The role of ONGC is to provide the government with a major source of revenue. ONGC can take the government to court to make payments if the oil prices are deemed to be lower than what the government wishes. The government can offer a joint-venture in such instances to increase revenues ONGC’s strengths: The largest production of crude oil ONGC is one of the largest producers of crude oil in India. It has five crude oil producing units and 32 gas processing units with a daily throughput of 80.8 mn tons. ONGC has seven refineries with a daily processing capacity of 4.62 mn tons of crude oil. The crude oil refinery produces about 14 mn tons of aviation kerosene, 6.75 mn tons of diesel, and 5.2 mn tons of gasoline daily.
What are the different activities ONGC is involved in?
1) Exploration and Production: Exploring for and producing oil and natural gas. 2
) Geology: Researching and seeking solutions to geological problems.
3) Coal & LNG: Mining coal and liquefied natural gas (LNG).
4) Terminals: Controlling and using ports for handling crude oil.
5) Marketing: Selling of oil and gas to end-users.
6) Power: Power generation and distribution through gas and coal.
7) Petrol & diesel: Transportation and refining. What is the deal with ONGC Oil & Gas, ONGC Gas, etc. “The company undertakes exploration, development, production and marketing of hydrocarbons in India and overseas. ONGC is a profit-oriented Organization, which takes significant risks, but is constantly improving and expanding its resource base,” the ONGC website says.
ONGC is a premier explorer of oil and gas and has helped the government in increasing its oil and gas output over the years. And the latest time ONGC saved PM Modi’s government from the embarrassment, its chairman said today that there was a possibility of a cut in domestic gas prices. So, what is ONGC? Here’s all you need to know. Who runs it? Oil and Natural Gas Corporation is an Indian company, headquartered in the city of Thiruvananthapuram, Kerala.
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ONGC Full Form| What is ONGC-History,Working,Role in economy ?
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