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
|Oil and Natural Gas Corporation|
FAQs About ONGC:
ONGC is area of operation extends from eastern to western coast of India and the adjoining international waters. It owns and operates a net production of million of 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.
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 ONGC 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.
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.
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.
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.