What is the full form of ONGC
ONGC: Oil and Natural Gas Corporation
ONGC stands for Oil and Natural Gas Corporation. It is an Indian multinational company which is one of the largest producers of oil and natural gas in India. Its headquarters is in Dehradun, Uttarakhand, India.
ONGC is a public sector undertaking which is governed by Ministry of Petroleum and Natural Gas. It produces around 70% of the total crude oil produced in India and around 60% of the total natural gas produced in India.
Products of ONGC
- Crude Oil
- Natural Gas
- Motor Spirit
- Superior Kerosene Oil
- High-Speed Diesel (HSD)
- Liquefied Petroleum Gas (LPG)
- Aromatic Rich Naptha
Brief History of ONGC
- In 1948, after India attained independence, the government of India realized the importance of oil and gas for the growth of Indian industries so it planned to develop the hydrocarbon industry.
- In 1955, under the Ministry of Natural Resources and Scientific Research, an Oil and Natural Gas Directorate was set up to develop the oil and natural gas resources in the country.
- In 1956, Indian Parliament adopted the Industrial Policy Resolution and listed the oil and gas industry amongst the Schedule 'A' industries. Oil and Natural Gas Directorate was also upgraded to Oil and Natural Gas Commission.
- In February 1994, ONGC was re-organized as a limited company under the Company's Act, 1956 .It became a public sector undertaking and its name was changed to Oil and Natural Gas Corporation (ONGC).
- In 1999, ONGC and Indian Oil Corporation (IOC) agreed to buy each other's stock to expand their business at domestic and international level.
- In the year 2002-03, ONGC established ONGC Videsh Ltd. (OVL) as its subsidiary to enter the global market.
- In 2010, ONGC got the "Maharatna" status, a "Maharatna" PSU.