Roles and Responsibilities of ONGC
- ONGC is responsible for identifying potential oil and gas reserves in India and conducting exploration activities to discover new reserves.
- It is responsible for developing discovered reserves which involve drilling wells, building infrastructure, and implementing production processes to extract crude oil and natural gas.
- It is responsible for producing crude oil and natural gas from the wells it has drilled and developed.
- It’s the responsibility of ONGC to reduce carbon emissions and minimize their environmental impact.
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.