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    Ongc

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    Archit Aggarwal
    The Oil and Natural Gas Corporation (ONGC) was established in 1956 by the Government of India to develop the country's oil and gas resources as part of the public sector. ONGC functions as the primary arm of the Government for exploration and production of India's petroleum resources. It owns various assets like aircraft, helicopters, vessels, and workshops to support its operations. ONGC generates revenues primarily from the sale of crude oil, natural gas, LPG, and other petroleum products.

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    Ongc

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    Archit Aggarwal
    105 views3 pages
    The Oil and Natural Gas Corporation (ONGC) was established in 1956 by the Government of India to develop the country's oil and gas resources as part of the public sector. ONGC functions as the primary arm of the Government for exploration and production of India's petroleum resources. It owns various assets like aircraft, helicopters, vessels, and workshops to support its operations. ONGC generates revenues primarily from the sale of crude oil, natural gas, LPG, and other petroleum products.

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    The Oil and Natural Gas Corporation (ONGC) was established in 1956 by the Government of India to develop the country's oil and gas resources as part of the public sector. ONGC functions as the primary arm of the Government for exploration and production of India's petroleum resources. It owns various assets like aircraft, helicopters, vessels, and workshops to support its operations. ONGC generates revenues primarily from the sale of crude oil, natural gas, LPG, and other petroleum products.

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    Attribution Non-Commercial (BY-NC)
    Download as DOC, PDF, TXT or read online from Scribd
    Download as doc, pdf, or txt
    105 views3 pages

    Ongc

    Uploaded by

    Archit Aggarwal
    The Oil and Natural Gas Corporation (ONGC) was established in 1956 by the Government of India to develop the country's oil and gas resources as part of the public sector. ONGC functions as the primary arm of the Government for exploration and production of India's petroleum resources. It owns various assets like aircraft, helicopters, vessels, and workshops to support its operations. ONGC generates revenues primarily from the sale of crude oil, natural gas, LPG, and other petroleum products.

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    of 3

    COMPANY PROFILE

    During the pre-independence period, the Assam OilCompany in


    the northeastern and attock Oil company innorthwestern part of the undivided
    India were the only oilcompanies producing oil in the country, with minimal
    explorationinput.
    After independence, the national Government realized theimportance
    oil and gas for rapid industrial development and itsstrategic role in defense.
    Consequently, while framing the IndustrialPolicy Statement of 1948, the
    development of petroleum industry inthe country was considered to be of utmost
    necessity.
    Until 1955, private oil companies mainly carried outexploration of
    hydrocarbon resources of India. In Assam, the AssamOil Company was
    producing oil at Digboi (discovered in 1889) andthe Oil India Ltd. (a 50% joint
    venture between Government of Indiaand Burmah Oil Company) was engaged in
    developing two newlydiscovered large fields Naharkatiya and Moran in Assam. In
    WestBengal, the Indo-Stanvac Petroleum project (a joint venture
    betweenGovernment of India and Standard Vacuum Oil Company of USA)was
    engaged in exploration work. The vast sedimentary tract inother parts of India
    and adjoining offshore remained largelyunexplored.In 1955, Government of India
    decided to develop the oil
    and natural gas resources in the various regions of the country as
    part of the Public Sector development.
    With this objective, an Oil and Natural Gas Directorate wasset up
    towards the end of 1955, as a subordinate office under thethen Ministry of
    Natural Resources and Scientific Research.

    Copmpanies History

    In April 1956, the Government of India adopted the IndustrialPolicy


    Resolution, which placed mineral oil industry among theschedule 'A' industries,
    the future development of which was to bethe sole and exclusive responsibility of
    the state.
    Oil and Natural Gas Corporation (ONGC) was set up in 1956with
    significant contribution in industrial and economic growth of thecountry. In
    October, 1959 the Commission was converted into astatutory body by the Oil and
    Natural Gas Commission Act, 1959.The main objectives of the Commission were
    to plan, promote,organize and implement program for the development of oil
    andnatural gas resources and the production and sale of oil and naturalgas
    products.
    ONGC functions as the primary arm of the Government asregards
    exploration for and exploitation of India's petroleumresources. The Company's
    revenues are derived primarily from thesale of its production of crude oil, natural
    gas, liquefied petroleumgas (LPG), C2-C3 (ethane-propane) and natural gasoline
    (NGL).
    To strengthen reserves accretion portfolio and open up areasof future
    exploration ONGC has undertaken an Accelerated Programof Exploration with an
    outlay of Rs.3958 crores. – The mainobjectives of APEX were Enhancement in
    seismic surveys,enhancement in exploratory drilling, national seismic
    program,exploration in frontier areas and acquisition of foreign acreage.ONGC
    has assimilated various technologies in the field ofhydrocarbons explorations and
    exploitation.
    The Company owns Dornier-228 aircraft, chetak helicopter,offshore
    supply vessels and geo-technical survey vessel. It has 2central work shops
    located at Baroda & Sibsagar, 7 projectworkshops and 11 auto workshops
    located at various project sitesemploying multifarious equipments and
    machinery. It has also state-of-the- art communication systems both terrestrial
    and satellitebased for meeting operational & MIS requirements of onshore
    &offshore.
    BALANCE SHEET OF ONGC
    AS ON 31ST MARCH

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