What is the full form of ONGC?
The full form of ONGC is Oil and Natural Gas Corporation. It is anIndian crude Oil and Gas multinational corporation and its head office is located in New Delhi, India. ONGC is a public sector project which is under the administrative control of the Government of India’s Ministry of Petroleum and Natural Gas. In February 1994, ONGC was reconfigured as a limited enterprise under the Company Act, 1956.
- After India gained independence in 1948, India’s government recognized the importance of gas and oil for Indian companies to expand, so it decided to build the hydrocarbon sector.
- In 1955, a Department for Oil and Natural Gas was established under the Ministry of Natural Resources and Scientific Research to improve the country’s natural gas and oil production.
- The Indian Parliament adopted the Industrial Policy Resolution in 1956 and included the oil and gas sector among the Schedule ‘A’ industries. The Oil and Natural Gas directorate have now been promoted to the Board of Oil and Natural Gas.
- ONGC was restructured as a limited enterprise under the Company Act, 1956, in February 1994. It has become a public service enterprise and has been renamed to Oil and Natural Gas Corporation (ONGC).
- In 1999, ONGC and Indian Oil Corporation (IOC) agreed to buy joint stock to expand their domestic and international sector.
- ONGC formed ONGC Videsh Ltd. (OVL) as its subsidiary for entering the global market in the year 2002-03.
- It was listed as India’s biggest profit-making PSU for the fiscal year 2019-20, in a Government survey released. It is also ranked seventh globally by Platts among the top 250 energy firms.
Various products of ONGC
The various products of Oil and Natural Gas Corporation are listed below.
- Natural Gas
- Crude Oil
- Motor Spirit
- Superior Kerosene Oil
- Aromatic Rich Naptha
- LPG (Liquefied Petroleum Gas)
- HSD (High-Speed Diesel)