History of ONGC
- No such corporation existed before the independence of our country. In the pre-independence era, there were only 2 oil companies, the Assam Oil Company in Assam which was the northeastern part of undivided India, and the Attock Oil Company which was located in the northwestern part of the country. The exploration coverage of these was very small, resulting in low input of hydrocarbons. And due to a lack of technology, the vast majority of our country’s sedimentary basins were not economical to explore and exploit oil.
- However, in the post-independence era, the government led by Jawaharlal Nehru understood the importance of oil-producing industries. On the advice of economists, the Nehru government prepared an Industrial Policy Statement in 1948. This policy suggested promoting industrial development in our country to increase production and generate employment.
- In 1955, the Indian Government decided to develop the country’s oil and gas resources. As a result, the Oil and Natural Gas Commission (ONGC) was established on August 14, 1956.
- The first oil discovery in India was made by ONGC in 1958 in the Cambay Basin of Gujarat.
ONGC Full Form
ONGC Stands for Oil and Natural Gas Corporation. The Oil and Natural Gas Corporation is an Indian central public sector undertaking(PSU) under the ownership of the Ministry of Petroleum and Natural Gas, Government of India. Its headquarter is in Dehradun. It was founded on 14th August 1956 by the Government of India.
The Oil and Natural gas corporation, ONGC, is a unique and torchbearer company in its field. As it has in-house service capabilities for crude oil exploration and natural gas production. It is the largest government-owned oil and gas explorer and producer in the country. It produces around 70% of India’s crude oil.
This company is a public sector enterprise. And the public has a stake in this enterprise as well. The shares of this company are also reliable and have performed well in the stock market. The investors are impressed by the big sum of dividends it gives to its shareholders per year.
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