Oil and Natural Gas Corporation Limited (ONGC) is an Indian multinational oil and gas company headquartered in Dehradun, Uttarakhand, India. It is a Public Sector Undertaking (PSU) of the Government of India, under the administrative control of the Ministry of Petroleum and Natural Gas. It is India’s largest oil and gas exploration and production company. It produces around 69% of India’s crude oil (equivalent to around 30% of the country’s total demand) and around 62% of its natural gas.
On 31 March 2013, its market capitalisation was INR 2.6 trillion (US$48.98 billion), making it India’s second largest publicly traded company.In a government survey for FY 2011–12, it was ranked as the largest profit making PSU in India.ONGC has been ranked 357th in the Fortune Global 500 list of the world’s biggest corporations for the year 2012.It is ranked 17th among the Top 250 Global Energy Companies by Platts.
ONGC was founded on 14 August 1956 by Government of India, which currently holds a 68.94% equity stake. It is involved in exploring for and exploiting hydrocarbons in 26 sedimentary basins of India, and owns and operates over 11,000 kilometers of pipelines in the country. Its international subsidiary ONGC Videsh currently has projects in 17 countries. ONGC has discovered 6 of the 7 commercially producing Indian Basins, in the last 50 years, adding over 7.1 billion tonnes of In-place Oil & Gas volume of hydrocarbons in Indian basins. Against a global decline of production from matured fields, ONGC has maintained production from its brownfields like Mumbai High, with the help of aggressive investments in various IOR (Improved Oil Recovery) and EOR (Enhanced Oil Recovery) schemes. ONGC has many matured fields with a current recovery factor of 25–33%. Its Reserve Replacement Ratio for between 2005 and 2013, has been more than one. During FY 2012–13, ONGC had to share the highest ever under-recovery of INR 494.2 million (an increase of INR 49.6 million over the previous financial year) towards the under-recoveries of Oil Marketing Companies (IOC, BPCL and HPCL).
Exploration
Discovered six out of seven producing Basins in India. Located 8.78 billion tonnes of Oil & Oil Equivalent in Indian Basins with over 400 discoveries
ONGC is the largest exploration acreage and mining lease holder in India
83% of established reserves (out of 10.9 BT) in the country has been discovered by ONGC.
22 new discoveries – 10 new prospects, 12 new pools in FY’15
Reserve Replenishment Ratio (RRR) for the last ten years has been more than One (3P Reserves)
Production
ONGC has been able to arrest decline in majority of its matured fields (of vintage 30-50 years) that contribute 72% of the company’s O+OEG production through its majorly successful technology-intensive IOR and EOR.
1184 oil wells and 151 gas wells in offshore and 4735 oil wells and 606 gas wells in onshore as on April 1, 2015
Western Offshore production up by 7.5% (16.20 MMT in FY’15 against 15.54 MMT in FY’14)
Produces 1.2 million barrels of oil equivalent per day
ONGC accounts 69% of Crude oil & 70% of Natural Gas production
Produced 1,743 Million Metric Tonnes of Oil Equivalent so far
Arrested decline in 14 major fields producing for over 30 years, vis-a-vis global decline rate of 7% from matured fields
(Ref:http://www.ongcindia.com/wps/wcm/connect/ongcindia/Home/Company/History/ & https://en.wikipedia.org/wiki/Oil_and_Natural_Gas_Corporation)