History Oil And Natural Gas Corporation Limited

I want to know the History of Oil And Natural Gas Corporation Limited ONGC so will you please tell me?

Oil and Natural Gas Corporation Limited (ONGC) is an Indian multinational oil and gas company headquartered in Dehradun, Uttarakhand, India.

ONGC was founded on 14 August 1956 by Government of India, which currently holds a 68.94% equity stake.

After independence, the Central Government of India realized the importance of oil and gas for rapid industrial development and its strategic role in defense.

In 1955, Government of India decided to develop the oil and natural gas resources in the various regions of the country as part of the Public Sector development.

With this objective, an Oil and Natural Gas Directorate was set up towards the end of 1955, as a subordinate office under the then Ministry of Natural Resources and Scientific Research.

The department was constituted with a nucleus of geoscientists from the Geological Survey of India.

The main functions of the Oil and Natural Gas Commission subject to the provisions of the Act, were "to plan, promote, organize and implement programs for development of Petroleum Resources and the production and sale of petroleum and petroleum products

In the inland areas, ONGC not only found new resources in Assam but also established new oil province in Cambay basin (Gujarat), while adding new petroliferous areas in the Assam-Arakan Fold Belt and East coast basins (both onshore and offshore)

ONGC went offshore in the early 1970s and discovered a giant oil field in the form of Bombay High, now known as Mumbai High.

ONGC became a publicly held company in February 1994, with 20% of its equity were sold to the public and eighty percent retained by the Indian government.

In 2003, ONGC Videsh Limited (OVL), the division of ONGC concerned with its foreign assets, acquired Talisman Energy's 25% stake in the Greater Nile Oil project.

On 19th July, 2017, the Government of India approved the acquisition of Hindustan Petroleum Corporation by ONGC

Contact-

ONGC
5, Nelson Mandela Marg, Vasant Kunj
Delhi

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