INTRODUCTION TO

OIL AND GAS FIRM LIMITED (ONGC)

1

Year 2012

ESSENTIAL OIL AND GAS CORPORATION

LTD

ADVANTAGES

1 . one particular HISTORY OF ONGC

1947-1960

Through the pre-independence period, the Assam Oil Business in the north-eastern and Assault Oil firm in north-western part of the undivided India had been the only oil companies creating oil near your vicinity, with nominal exploration input. The major component to Indian sedimentary basins was deemed being unfit to get development of oil and gas resources. Following independence, the national Authorities realized the value oil and gas to get rapid industrial development as well as strategic position in protection. Consequently, whilst framing the commercial Policy Assertion of 1948, the development of petroleum industry near your vicinity was considered to be of utmost necessity. Until 1955, private essential oil companies generally carried out hunt for hydrocarbon resources of India. In Assam, the Assam Oil Business was creating oil for Digboi (discovered in 1889) and the Petrol India Limited. (a fifty percent joint venture among Government of India and Burmah Oil Company) was engaged in expanding two recently discovered significant fields Naharkatiya and Moran in Assam. In Western Bengal, the Indo-Stan vac Petroleum project (a partnership between Government of India and Regular Vacuum Petrol Company of USA) was engaged in exploration work. The vast sedimentary tract in other parts of India and adjacent offshore continued to be largely unexplored. In 1955, Government of India chosen to develop the oil and natural gas resources in the several regions of the nation as part of the General public Sector expansion. With this kind of objective, a great Oil and Natural Gas Directorate was build towards the end of 1955, as a subordinate office underneath the then Ministry of Organic Resources and Scientific Study. The office was constituted with a center of geoscientists from the Geological survey of India. A delegation within the leadership of Mr. T D Malviya, the then Minister of Natural Solutions, visited several European countries to examine the status of oil industry in those countries and to help the training of Indian experts for checking out potential oil and gas reserves. Foreign experts from USA, Western Germany, Romania and erstwhile U. S i9000. S. Ur visited India and helped the government with the expertise. Finally, the browsing Soviet experts drew up a detailed arrange for geological and geophysical online surveys and going operations to be carried out in the 2nd Five Year Plan (1956-57 to 1960-61). In October 1959, the Commission was converted into a lawful body simply by an action of the Of india Parliament, which will enhanced power of the commission rate further. The main functions in the Oland Gas Commission susceptible to the procedures of the Act were " to plan, promote, set up and put into practice programs pertaining to development of Petroleum Resources plus the production and sale of petroleum and petroleum products made by it, also to perform these kinds of other capabilities as the Central Government may, every now and then, assign to it ". The work further defined the activities and steps to be used by ONGC in gratifying its requirement. 1961-1990

As its inception, ONGC has been instrumental in changing the country's limited upstream sector into a large practical playing field, with its activities spread throughout India and significantly in overseas areas. In the away from the coast areas, ONGC not only found new methods in Assam but as well established fresh oil province in Cambay basin (Gujarat), while adding new petroliferous areas in the Assam-Arakan Flip Belt and East coastline basins (both inland and offshore). ONGC went just offshore in early seventies and found out a giant essential oil field as Bombay Substantial, now known as Mumbai Substantial. This breakthrough discovery, along with subsequent discoveries of huge oil and gas fields in Western just offshore changed the oil scenario of the region. Subsequently, over...

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