oil and natural gas corporation type public sector undertaking traded as nse ongc bse 500312 bse sensex constituent cnx nifty constituent industry oil and gas founded 14 august 1956 headquarters tel bhavan dehradun uttarakhand india key people dinesh kumar sarraf chairman & md products petroleum natural gas and other petrochemicals revenue 139 364.35 crore us 21 billion 2016 1 profit 14 300.93 crore us 2.1 billion 2016 total equity 4 277.76 crore us 640 million owner government of india number of employees 33 560 1st aug 2015 2 divisions mrpl ongc videsh ltd. website http www.ongcindia.com 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 77 % of india s crude oil equivalent to around 30 % of the country s total demand and around 62 % of its natural gas . 3 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 . 4 5 in a government survey for fy 2011 12 it was ranked as the largest profit making psu in india . 6 ongc has been ranked 449th in the fortune global 500 list of the world s biggest corporations for the year 2015 . 7 it is ranked 17th among the top 250 global energy companies by platts . 8 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 % . 3 its reserve replacement ratio for between 2005 and 2013 has been more than one . 3 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 . 3 contents 1 history 1.1 foundation to 1961 1.2 1961 to 2000 1.3 2000 to present 2 operations 2.1 subsidiaries 2.1.1 ongc videsh 2.1.2 ongc sports 2.2 joint ventures 3 products and services 4 listings and shareholding 5 employees 6 awards and recognitions 7 references 8 further reading 9 external links history edit foundation to 1961 edit before the independence of india in 1947 the assam oil company in the north eastern and attock oil company in north western part of the undivided india were the only oil producing companies with minimal exploration input . the major part of indian sedimentary basins was deemed to be unfit for development of oil and gas resources . 9 after independence the central government of india realized the importance of oil and gas for rapid industrial development and its strategic role in defense . consequently while framing the industrial policy statement of 1948 the development of petroleum industry in the country was considered to be of utmost necessity . 9 until 1955 private oil companies mainly carried out exploration of hydrocarbon resources of india . in assam the assam oil company was producing oil at digboi discovered in 1889 and oil india ltd. a 50 % joint venture between government of india and burmah oil company was engaged in developing two newly discovered large fields naharkatiya and moraan in assam . in west bengal the indo stanvac petroleum project a joint venture between government of india and standard vacuum oil company of usa was engaged in exploration work . the vast sedimentary tract in other parts of india and adjoining offshore remained largely unexplored . 9 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 . 9 a delegation under the leadership of the minister of natural resources visited several european countries to study the status of oil industry in those countries and to facilitate the training of indian professionals for exploring potential oil and gas reserves . experts from romania the soviet union the united states and west germany subsequently visited india and helped the government with their expertise . soviet experts later drew up a detailed plan for geological and geophysical surveys and drilling operations to be carried out in the 2nd five year plan 1956 61 . 9 in april 1956 the government of india adopted the industrial policy resolution which placed mineral oil industry among the schedule a industries the future development of which was to be the sole and exclusive responsibility of the state . 9 soon after the formation of the oil and natural gas directorate it became apparent that it would not be possible for the directorate with its limited financial and administrative powers as subordinate office of the government to function efficiently . so in august 1956 the directorate was raised to the status of a commission with enhanced powers although it continued to be under the government . in october 1959 the commission was converted into a statutory body by an act of the indian parliament which enhanced powers of the commission further . 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 produced by it and to perform such other functions as the central government may from time to time assign to it . the act further outlined the activities and steps to be taken by ongc in fulfilling its mandate . 9 1961 to 2000 edit an ongc platform at bombay high in the arabian sea since its inception ongc 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 . 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 . 9 ongc went offshore in early 70 s and discovered a giant oil field in the form of bombay high now known as mumbai high . this discovery along with subsequent discoveries of huge oil and gas fields in western offshore changed the oil scenario of the country . subsequently over 5 billion tonnes of hydrocarbons which were present in the country were discovered . the most important contribution of ongc however is its self reliance and development of core competence in e & p activities at a globally competitive level . 9 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 . at the time ongc employed 48 000 people and had reserves and surpluses worth 104.34 billion in addition to its intangible assets . the corporation s net worth of 107.77 billion was the largest of any indian company . in 1958 the then chairman keshav dev malaviya held a meeting with some geologists in the mussoorie office of the geology directorate where he accepted the need for ongc to go outside india too in order to enhance indian owned capacity for oil production . the argument in support for this step by lp mathur and bs negi was that indian demand for crude would go up at a faster rate than discoveries by ongc in india . malaviya followed this up by making ongc apply for exploration licences in the persian gulf . iran gave ongc four blocks and malaviya visited milan and bartlseville to request eni and phillips petroleum to join as partners in the iran venture . this resulted in the discovery of the rostum oilfield in the early sixties very soon after the discovery of ankleswar in gujarat . this was the very first investment by the indian public sector in foreign countries and oil from rostum and raksh was brought to cochin where it was refined in a refinery built with technical assistance from phillips . 2000 to present edit 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 . 10 in 2006 a commemorative coin set was issued to mark the 50th anniversary of the founding of ongc making it only the second indian company state bank of india being the first to have such a coin issued in its honor . in 2011 ongc applied to purchase 2000 acres of land at dahanu to process offshore gas . 11 ongc videsh along with statoil asa norway and repsol sa spain has been engaged in deep water drilling off the northern coast of cuba in 2012 . 12 on 11 august 2012 ongc announced that it had made a large oil discovery in the d1 oilfield off the west coast of india which will help it to raise the output of the field from around 12 500 barrels per day bpd to a peak output of 60 000 bpd . 13 in november 2012 ovl agreed to acquire conocophillips 8.4 % stake in the kashagan oilfield in kazakhstan for around us 5 billion in ongc s largest acquisition to date . 14 the acquisition is subject to the approval of the governments of kazakhstan and india and also to other partners in the caspian sea field waiving their pre emption rights . 15 in january 2014 ovl and oil india completed the acquisition of videocon group s ten percent stake in a mozambican gas field for a total of 2.47 billion . 16 in june 2015 oil and natural gas corporation ongc given a rs27bn 427m offshore contract for the bassein development project to larsen & toubro l & t . 17 in february 2016 the board of ongc approved an investment of rs . 5 050 crore in tripura for drilling of wells and creation of surface facilities to produce 5.1 million standard cubic feet per day gas from the state s fields . 18 operations edit ongc s operations include conventional exploration and production refining and progressive development of alternate energy sources like coal bed methane and shale gas . 19 the company s domestic operations are structured around 11 assets predominantly oil and gas producing properties 7 basins exploratory properties 2 plants at hazira and uran and services for necessary inputs and support such as drilling geo physical logging and well services . 19 subsidiaries edit ongc videsh edit ongc videsh limited ovl is the international arm of ongc . it was rechristened on 15 june 1989