To further the development of oil and natural gas exploration and mining in India, the Ministry of Natural Resources and Scientific Research, GoI set up the Oil and Natural Gas Commission‘ in 1956 (Commission'). In October 1959, the Commission was converted into a statutory body according to the Oil and Natural Gas Commission Act, 1959. The main functions of the Commission were to plan, promote, organize and implement programs for the 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. It was incorporated under the Companies Act on June 23, 1993, as Oil and Natural Gas Corporation Limited and was granted the certificate of commencement of business on August 10, 1993. According to the Oil and Natural Gas Commission Act, 1993, the undertakings of the Commission together with all its assets, and movable and immovable properties, contracts, licenses and privileges along with all liabilities and obligations of the Commission in relation to its undertakings stood vested in our Company and were transferred to our Company as on February 1, 1994.
Some of the Milestones:
- 1956: Also, it was being set up in 1956 with a significant contribution to both the industrial and economic growth of the country.
- 1992: It undertook the exploitation of Coal Bed Methane (or CBM) potential in Damodar valley.
- It was incorporated as 'Oil and Natural Gas Corporation Limited.'
- Also, the undertakings of the Commission were being transferred to the company.
- 1994: It also acquired the undertaking, business, assets, and liabilities of the Oil and Natural Gas Commission as of 1st February.
- 1999: In March 1999, ONGC, Indian Oil Corporation (or IOC), a downstream giant and Gas Authority of India Limited (or GAIL), the only gas marketing company, agreed to have cross holding in each other's stock so as to pave the way for long-term strategic alliance amongst themselves, and both for the domestic and overseas business chances, in the energy value chain.
- It set up a separate information technology company that would cater specifically to the oil and gas industry.
- Both NTPC and ONGC formed a new joint venture company for setting up gas residue-based power projects.
- It also set up a 360-MW gas-based power project at Hazira in a joint venture with the National Thermal Power Corporation.
- ONGC Videsh Ltd. signed an MoU with the Indonesian Oil Company, Pertamina.
- 2001: It entered into a strategic alliance with IOC and set-up ONGIO International Pvt Ltd. as on 8th June 2001, which is a 50:50 joint venture company for Training, Consultancy & Services in the hydrocarbon sector.
- It strikes both oil and gas in Rajasthan.
- It was also ranked in the FT Global 500 list.
- It ended its two-year training and consultancy services joint venture, along with oil refining giant IOC.
- It signed an agreement with HPCL for the supply of crude oil.
- It signed an MOU for the supply of crude oil with HPCL.
- It signed an MoU with Mangalore refinery and petrochemicals ltd for the supplying of crude oil.
- It also entered into a Transaction & Strategic alliance with Cairn Energy Plc.
- It joined with China Petro for buying oil equity.
- It unveils a billion deepwater drilling campaign located at the Gulf of Kutch.
- ONGC - The disinvestment of about 10% Equity by the Government of India.
- Also, BSNL signed an MoU with ONGC.