Oil/Gas Industry ONGC to Grow in India

Editor: Dominik Stephan

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.

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ONGC's offshore platform Bombay High in the Arabian Sea. The company produces roughly one thrid of India's oil output. (Picture: Wikimedia Commons)
ONGC's offshore platform Bombay High in the Arabian Sea. The company produces roughly one thrid of India's oil output. (Picture: Wikimedia Commons)

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.

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