ONGC’S PROFILE

Oil and Natural Gas Corporation Ltd.

Born as a modest corporate entity within serene Himalayan settings on
14th August, 1956 as Commission, Oil and Natural Gas Corporation Limited
(ONGC), has grown into a full-fledged horizontally integrated upstream
petroleum company.

Today ONGC is a flagship public sector enterprise and India’s highest

profit making corporate, which has achieved the landmark of registering a
net profit of Rs 10529.32 crores in the year 2003-2004. Since its inception
ONGC has produced more than 600 million metric tones of crude oil and
supplied more than 200 billion cubic meters of gas, thus fuelling India’s
economic growth.

To achieve this sustained growth, ONGC decided to double the oil and
natural gas reserves. In 45 years of operation, ONGC accreted six billion
tones of oil and equivalent reserves. ONGC has drawn a plan to double these
reserves in the 20 years. The global recovery factor of ONGC is of the order
of 28 percent; the target is to raise this to the level of 40 percent over a
period of 20 years. Out of the six billion tones of oil and gas reserves
accretion, four billion tones are expected to come form Offshore and Deep
Waters. To improve recovery factor from the existing fields, ONGC is
investing Rs.2000 crores in 15 Redevelopment Schemes.
 The Corporation is now venturing out to new areas that is deepwater
exploration and drilling, exploration in frontier basins, marginal field
development, optimization of field development plan field recovery and other
allied areas of service sector. Engagements in these areas will require best-
in-class technology, business processes and practices of international
standard.

ONGC is looking towards companies/service providers established in

the industry for Technology transfer and absorption, and technological
collaboration and support. ONGC intends to achieve this objective through
alliances and sustained relationship.

Information technology and communication systems are being

integrated and upgraded. A number of new projects – project PROMISE
(Professional Review of Major Infocom Systems & Equipments), project ICE
(Information Consolidate for Efficiency), project IMPETUS (Implementation
Maintenance & Procurement Efforts Through Upgraded System) are
launched. All these projects are aimed at integrating InfoTech resources
making quality information available to the management for proper business
decisions. It is located in LAXMI NAGAR in DELHI.