Features of ONGC:
The ONGC full form – Oil and Natural Gas Corporation. This ONGC is an Indian crude oil and gas multinational corporation, the head office is located in India’s capital Delhi. Generally, ONGC is a public sector project which functions under the administrative control of the Government of India’s Ministry of Petroleum and Natural Gas. In later years, ONGC was reconstructed as a limited enterprise under the Company Act, 1956, in February 1994.
History of ONGC:
- After India got independence in 1947, India’s government recognized the importance and its vital usage of gas and oil for Indian companies to expand, so they decided to construct the hydrocarbon sector.
- A Department for Oil and Natural Gas was established in 1955, under the governance of the Ministry of Natural Resources and Scientific Research to improve and enhance the country’s natural gas and oil production.
- In 1956, the Indian Parliament adopted the Industrial Policy Resolution and recognized it as a sector among the Schedule ‘A’ industries including the oil and gas sector.
- Later, ONGC and Indian Oil Corporation (IOC) decided to purchase joint stock to enlarge their domestic and international sector in the year 1999.
- Under the Company Act, 1956, in February 1994 the ONGC was reconstructed as a limited enterprise and it became a public sector service and has been relabeled as Oil and Natural Gas Corporation (ONGC).
- In the year 2002-2003, ONGC was formed as ONGC Videsh Ltd. (OVL) as its auxiliary for the purpose of entering the Global market.
Final Words:
To summarize, the full form of ONGC is Oil and Natural Gas Corporation, it has various products of such as, Natural Gas, Superior Kerosene Oil, Motor Spirit, Crude Oil, Aromatic Rich Naphtha, HSD (High-Speed Diesel), Ethane, and LPG (Liquefied Petroleum Gas). In addition, the survey says ONGC was listed as India’s biggest profit-making PSU.