Oil/Gas Industry ONGC to Grow in India
India's Oil and Natural Gas Corporation positions itself for further growth with a recent agreement with the country's Ministry of Petroleum & Natural Gas underway.
New Delhi/India – India's Oil and Natural Gas Corporation (ONGC) has signed Memorandum of Understanding (MOU) with the country's Ministry of Petroleum & Natural Gas (MoPNG) for its Performance Evaluation Parameters & Targets for the year 2012-13. The contract was signed on March 26, 2012 by Sudhir Vasudeva, CMD of ONGC and G. C. Chaturvedi, Secretary, P&NG at Delhi in the presence of directors and senior officials from both sides.
The agreement 2012-13 has specific targets of production of Crude Oil, Natural Gas, and Reserve Accretion which includes ONGC’s share from Domestic JV fields / acreages and VAP Production. Apart from the financial parameters, ONGC has committed itself on Human Resources Management, Research & Development (R&D), Corporate Social Responsibility (CSR),Sustainability Development and Corporate Governance compliance.
It also commits ONGC on parameters like Project Management, Energy Audits/savings, HSE Audits and Surveillance audits for sustaining ISO/OHSAS accreditation. A new parameter on ‘Plan Expenditure’ has also been included.