Oil and Natural Gas Corporation Limited
A commemorative postage stamp on the ONGC, largest Indian oil & gas exploration and production company :
Issued on Aug 14, 2006
Issued for : The Department of Posts is proud to issue a commemorative postage stamp on Oil and Natural Gas Corporation Limited.
Stamp & FDC : Kamleshwar Singh
Cancellation : Alka Sharma
Type : Stamp, Mint Condition
Colour : Multicolor
Denomination : 500 Paise
Stamps Printed : 6.5 Million
Printing Process : Photogravure
Printer : India Security Press, Nashik
- Oil and Natural Gas Corporation Limited (ONGC) is a leading national oil company of India engaged mainly in exploration, development and production of crude oil, natural gas and some value added products such as Liquefied Petroleum Gas (LPG), Naphtha etc.
- During the pre-independence period, the Assam Oil Company in the north-eastern and Attock Oil Company in north western part of the undivided India were the only oil companies producing oil in the country, with minimal exploration input. The major part of Indian sedimentary basins was deemed to be unfit for development of oil and gas resources. After independence, the Government realised the importance of oil and gas for rapid industrial development and its strategic role in defence. Consequently, during framing of the industrial policy statement of 1948, the development of petroleum industry in the country was considered to be of utmost necessity. In 1955 Oil and Natural Gas Directorate was set up to develop the oil and natural gas resources in the various region of the country as part of the public sector development. In August 1956, the Directorate was raised to the status of a Commission with enhanced powers. In October 1959, the Commission was converted into a statutory body. ONGC was subsequently converted into a public limited company in June 1993 following the new liberalised economic policy. ONGC was recognised as a limited company under the Companies Act 1956 in February 1994.
- The corporation is managed by the Board of Directors, which formulates goals, strategies and policies and also reviews the performance on regular basis. The Board has 16 members, comprising of 7 Executive Directors, including the Chairman and Managing Director.
- ONGC, since its inception, has been instrumental in transforming the country’s limited upstream sector into a large viable playing field, with its activities spread throughout India and significantly in overseas territories. As the highest profit-making corporation, ONGC has scripted India’s hydrocarbon saga by discovering 5 of the 6 basins. ONGC has made 310 hydrocarbon finds within the country and has discovered nearly 6 billion tons of in-place oil and gas reserves in India. ONGC meets 84% of India’s domestic production of oil and gas. It has established its competitive edge, by bagging 59 out of the 110 blocks, awarded in the five rounds in the NELP bidding. ONGC is ranked 24th among Global Energy Companies by Marked Capitalization in PFC Energy 50. It is world’s 2nd largest E&P (Exploration & Production) Company; and first in Profits in 3rd Platts EBT Survey (2004). ONGC is placed at the top of all Indian Corporates listed in Forbes Global 2000 (rank 265th) and Financial Times Global 500 (rank 326th). It is ranked 454th in Fortune-500 by turnover.
- ONGC’s wholly owned subsidiary ONGC Videsh Limited (OVL) is the biggest Indian multi-national, with 18 oil and gas properties in 14 countries. ONGC has institutionalised Research and Development in exploration and production (E&P) and related sectors and established seven separate institutions to undertake specific activities in key areas of exploration, drilling, reservoir management, production technology, ocean engineering etc. ONGC is committed to maintaining high standards of occupational health, safety and environmental protection. It has also well-equipped crisis management teams.
- Text : Material provided by the Oil and Natural Gas Corporation Limited.