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What is the full form of ONGC?

By Anushree Goswami Last updated : April 20, 2024

ONGC is an abbreviation of Oil and Natural Gas Corporation. It is an Indian multinational corporation that is one of the leading producers of crude oil and natural gas in India. Its head office is situated in Dehradun, Uttarakhand, India.

ONGC is a state-owned enterprise that is administered by the Ministry of Petroleum and Natural Gas. It produces around 70% of the total crude oil produced in India and around 60% of the total natural gas produced in India.

Image source: https://en.wikipedia.org/wiki/Oil_and_Natural_Gas_Corporation

Products of ONGC

• Crude Oil
• Natural Gas
• Ethane
• Motor Spirit
• Superior Kerosene Oil
• High-Speed Diesel (HSD)
• Liquefied Petroleum Gas (LPG)
• Aromatic Rich Naptha

Brief History of ONGC

• In 1948, after India achieved independence, the government of India comprehended the significance of oil and gas for the expansion and development of Indian industries; as a consequence, it considered and planned to grow and expand the hydrocarbon industry.
• In 1955, under the Ministry of Natural Resources and Scientific Research, an Oil and Natural Gas Directorate was established to grow and expand the oil and natural gas resources in the country.
• In 1956, the Indian Parliament approved the Industrial Policy Resolution and listed the oil and gas industry along with the Schedule 'A' industries. Oil and Natural Gas Directorate was also promoted and advanced to the Oil and Natural Gas Commission.
• In February 1994, ONGC was restructured as a limited corporation under the Company's Act, 1956. It turned out to be a state-owned enterprise and its name was changed to Oil and Natural Gas Corporation (ONGC).
• In 1999, ONGC and Indian Oil Corporation (IOC) discussed and then accepted to pay money for each other's stock to develop and expand their businesses at domestic and international levels.
• In the year 2002-03, ONGC founded ONGC Videsh Ltd. (OVL) as its subordinate corporation to come into the global market.
• In 2010, ONGC obtained the "Maharatna" standing, a "Maharatna" PSU.
• In January 2014, OVL and Oil India fulfilled the acquirement of Videocon Group's ten percent stake in a Mozambican gas field for a total of $2.47 billion.
• In June 2015, Oil and Natural Gas Corporation (ONGC) gave a Rs 27 billion ($427m) offshore contract for the Bassein development project to Larsen & Toubro (L&T).
• On 19 July 2017, the Government of India accepted and officially permitted the acquirement of Hindustan Petroleum Corporation by ONGC.