This action might not be possible to undo. Are you sure you want to continue?
GARGI COLLEGE,UNIVERSITY OF DELHI . NEW DELHI.
GARGI COLLEGE,NEW DELHI.
SUMMER TRAINING REPORT ON CONTRIBUTION &INVESTMENT OF ONGC PRBS TRUST AT OIL AND NATURAL GAS CORPORATION LTD TEL BHAVAN, DEHRADUN
SUBMITTED TO: Mr. K.P. KOTHIYAL MANAGER (F&A)-PRBS TRUST Mr. DEVENDER KR BATISH DY. MANAGER (F&A)
SUBMITTED BY: GARIMA UNIYAL B.COM(H)
“Result comes after dedication”-This is the basic rule of our SUMMER TRAINING PROJECT WORK in OIL & NATURAL GAS CORPORATION. I have no words to express my gratitude and thanks to my guide Mr Devender.K.Batish (DY. Manager (F&A) officer, PRBS section, ONGC). Without his permission and guidance it was impossible to finish the project .He not only guided us but supported us in all respects to complete the project. Lastly, I would also thank all the members of ONGC for their valuable help, and guidance and willing cooperation throughout the completion of my project.
PLACE: DEHRADUN DATE:
GARIMA UNIYAL ( B.COM (H) )
***PREFACE*** As a part of my B. I was asked to undergo 6-8 weeks of my summer training in any organization “OIL AND NATURAL GAS CORPORATION LIMITED. . Dehradun” where I was assigned the project entitled “CONTRIBUTION .COM(H) syllabus . ACCOUNTS AND INVESTMENT” Based on PRBS section ONGC.
***CONTENTS*** 1) ONGC ONGC OFFICES Organization chart About ONGC Vision & Mission ONGC objectives Major Achievements ONGC as NAVRATNA Oil videsh Ltd Global Ranking Pioneering Efforts Restructuring of ONGC SWOT Analysis Financial performance & highlights .
2)PRBS Introduction to the scheme Effective date of the scheme Applicability of the scheme Eligibility for benefits Membership 3) CONTRIBUTION Normal Contribution Additional contribution 4) RECKONABLE SERVICE In case of executives In case of unionized category 5) ANNUITY 6) INVESTMENT 7) INVESTMENT HIGHLIGHTS Financial position .
Return on investment .
8) INVESTMENT & CONTRIBUTION 9) PENSIONARY SETTLEMENT CALCULATION Death case Normal retirement case 10) SUGGESTION & RECOMMENDATION 11) CONCLUSION 12) BIBLIOGRAPHY .
***ONGC OFFICES*** .
the Assam oil company in the northeastern and At tock oil company in the north western part of the undivided India were the only oil companies producing oil in the country. The main function of the Oil and Natural Gas Commission subject to the provisions of the Act were “to plan. the government of India decided to develop the oil and natural gas resources in the various regions of the country as part of the public sector development. organize and implement programmer for development of petroleum products produced by it. the national government realized the importance of oil and gas for rapid industrial development and its strategic role in defense. The act further outlined the activities and steps to be taken ONGC in fulfilling its mandate. assign to it”. as a subordinate office under Ministry of Natural Resources and Scientific Research. the development of petroleum industry in the country was considered to be utmost necessity. it become apparent that it would not be possible for the Directorate with its limited financial and administrative powers as subordinate office of the government . while framing the industrial policy statement of 1948. to function efficiently . Soon. promote. with minimal exploration input. after the formation of Oil and Natural Gas Directorate. the Directorate was raised to the status of a commission with enhanced powers. from time to time. With this objective. Consequently. The major part of the Indian sedimentary basins was deemed to be unit for the development of oil and gas resources.INTRODUCTION: 1947-1960 During the pre-independence period. So in August 1956. In 1955. and to perform such other functions as the Central Government may. After independence. 1961-1990 . an oil and natural gas Directorate was set up towards the end of 1955.
.Since its inception. however . which were present in the country. The most important contribution of ONGC . In the island areas ONGC not only found new resources in Assam but also established new oil province in Cam bay basin (Gujarat). Subsequently. This discovery. over 5 billion tones of hydrocarbons. not known as Mumbai High. is its self –reliance and development of core competence in E&P activities at a global competitive level. ONGC went offshore in early 70’s and discovered a giant oil field in the form of Bombay High. with its activities spread throughout India and significantly in overseas territories. while adding new petroliferous areas in the Assam-Arakan Fold Belt and East coast basins (both inland and offshore). along with subsequent discoveries of huge oil and gas fields in Western Offshore changed the oil scenario of the country. were discovered. ONGC has been instrumental in transforming the country’s limited upstream sector into a large viable playing field.
the government holding in ONGC came down to 84. sought to deregulate and de-license the core sectors(including petroleum sector) with partial disinvestments of government equity in public sector Undertakings and other measures. During march 1999. After the conversion of business of the erstwhile Oil and Natural Gas Commission to that of Oil and Natural Gas Corporation Limited in 1993. ONGC will soon be entering in the retailing business. 1956 in February 1994. ONGC diversified in to the downstream sector. ONGC expanded its equity by another 2 percent by offering shares to its employees. adopted by the Government of India in july 1991 . ONGC was re-organized as a limited company under the Company’s Act. As a consequence thereof.5 percent to GAIL. amongst themselves. ONGC Videsh Ltd (OVL). With this. The government disinvested 2 percent of its share through competitive bidding. after taking over MRPL from A V Birla Group.11 percent. ONGC. In the year 2002-2003. Indian Oil Corporation (IOC) – a downstream Giant and Gas Authority of India Limited (GAIL) – the only gas marketing company. Sakhalin and Sudan and earned its first hydrocarbon revenue from its investment in Vietnam. ONGC has made major investment in Vietnam. This paved the way for long-term strategic alliances both for the domestic and overseas business opportunities in the energy value chain. Subsequently. to this the Government sold off 10 percent of its share holding in ONGC to IOC and 2. Consequently.After 1990 The liberalized economic policy. . agreed to have cross holding in each other stock.
Abiding commitment to health. Strive for customer delight through quality products and services. continue and accelerate exploration efforts to develop and maximize the contribution of hydrocarbons to the economy of the country” . Foster a culture of trust. safety and environment to enrich quality of community life. it changed its mission. openness and mutual concern to make working a stimulating and challenging experience for our people.“To be a world class Oil and Gas Company. Imbibe standards of business ethics and organizational value. . But with the liberalization and Globalization in the economy. Earlier ONGC’s Mission was “to stimulate. Now it is: World class: Dedicated to excellence by leveraging competitive advantages in research and development and technology with involved people. integrated and energy business with dominant Indian Leadership and global presence”.
ONGC has institutionalized research and development in the oil and gas related sectors and established separate institution to undertake specific activities in the key areas of Exploration.Integrated in Energy Business Focus on domestic and international oil and gas exploration and production business opportunities. and Management. Create growth opportunities and maximize shareholder value. These R&D institutes with experienced and highly qualified manpower support exploration and production activities of ONGC. Drilling. safety and Environment Protection in the form of nine independently managed R&D centers. Dominant Indian Leadership Retain dominant position in Indian Petroleum sector and India’s energy availability. Reservoir. Production technology. . Provide valuable linkages in other sectors of energy business. Ocean Engineering.
IRS: Institute of Reservoir studies (Ahmedabad). INBIGS: Institute of Biotechnology and Geotectonic Studies. IDT: Institute of Drilling Technology (Dehradun). GEOPIC: GEO-Data Processing and Interpretation center (Dehradun). Institute of Petroleum Safety Health and Environment IPSHEM: Management. Deva Malviya Institute of petroleum Exploration KDMIPE: Keshav (Dehradun). IOGPT: Institute of Oil and Gas production Technology. IEOT: Institute of Engineering and Ocean Technology. IMD: Institute of Management Development (Dehradun). .
Environment protection.more efficient use of energy and development of alternative sources of energy. Optimize production of hydrocarbons. materials and services. Develop scientifically oriented and technically component human resources through motivation and training. . Generate adequate resources for reinvestment. Assist in conservation of hydrocarbons . Self-reliance in technology. Promoting indigeneous effort in oil and gas related equipments .
• ONGC declares highest –ever interim dividend of 250 %. • Armco Rig at Tripura completes 25 years. • ONGC celebrates Third anniversary in Sudan. • ONGC declare highest . • Six ONGC Geoscientists bag National Mineral Award. • ONGC Academy graduates into University with Unnati Prayas Convocation. • UNDP Proposes Partnership with ONGC to Eradicate AIDS. • IDT wins Third Golden Peacock Award in a row. • Continuation of ISO-9001-2000 Certification for RCC. • ONGC’s Q-II Revenues up 7 % Net profit up 22 %.ever 400% dividend. • ONGC signs Rs 430 Crore contract with ABB. • ONGC launches PURA in Tripura. Vadodra. • “Dadabhai Naroji International Millennium Award for sudhir raha. . • ONGC gets coveted TERI award for Corporate Social Responsibility. • ONGC become first Indian company with 2 digit rank among fortune global companies by profit. • Mittal Steel and ONGC join hands to promote India’s energy security. • MRPL gets Jawaharlal Nehru Centenary Award for energy conservation. • ONGC in Fortune 500 for the first time. • ONGC join hands with GMDC for underground coal gasification.• OVL Awarded Exploration Block in Egypt. • ONGC sponsored workshop on water Flooding considered best ever in world. • ONGC Videsh wins Oil acreage in Qatar Offshore.
it took up 71. working round the clock at the remotest corners of the country .6 % equity in the Manglore – Hasan—Banglore product pipeline . to power the aspirations of a billion Indians.25. connecting the refinery to the Karnataka hinterland.000 crore in January 2004) is unprecedented and except Wipro (who had higher market capitalization temporarily). By turning around MRPL in 368 days. no other Indian company (either public or private sector has seen such a phenomenal growth. Today ONGC group has 14 properties in 10 foreign countries. • All these have been made by the ONGCians . . providing that in business .• The growth in ONGC’s market capitalization (from Rs 18500 crore before may 2001 to Rs 1. for an improved quality of life. not ownership. Going by the investment (committed: USD 1. • ONGC ended the sect oral regime in the Indian hydrocarbon industry and benchmarked the globally – established integrated business model. ONGC has set standards of public sector companies reviewing joint (or private) sector companies . and abroad . • ONGC has come a long way from the day (a few years back) when India and ONGC did not figure on the global oil and gas map. Professionalism matters .919 billion) ONGC is the biggest Indian Multinational Corporation (MNC).
The Government of India has identified ONGC as a leading “NAVARATANA “(NINE JEWELS) in 1997 to support in its drive to become global giant by granting enhanced autonomy and delegation of powers ONGC is one of the eleven elite Public sector organizations for development as global giants . • Focus on core business areas. • Opportunity.specific diversification. The envisioned future of ONGC becoming a leading Global Energy company makes it imperative to move from the era of sole ownership to partnerships fostering the principal of extended enterprises and adopts a growth strategy. and may be accorded the status of “MAHANAVARATNA”.The liberalization of Indian economy and the consequent drive of integration with worked market have thrown up a plethora of opportunities for ONGC to become globally competitive and access in Global markets. which resolves to : • Rely on company skills and positional assets. .
OVL has explored for oils in countries like Tunisia . ONGC-VL is engaged exclusively in ONGC’s foreign ventures including acreages/property acquisition and E&P operation. it is envisaged that ONGC’VL would play an increasing important role in its overseas operations in future thereby contributing towards bringing equity oil to India from its overseas ventures. This is the largest investment ever made by an Indian company abroad.40 TCF in offshore Vietnam. Vietnam and Yemen in partnership with international major petroleum companies. . OVL has invested Rs 8000 crores in a Russian oil field. OVL `along with British Petroleum and state oil had discovered a large field of natural gas of about 2. With an authorized capital of Rs 500 crore as at 31-3-2001.In march 1965 . ONGC formed a wholly owned subsidiary company under the name of the hydrocarbon India ltd. it has a paid-up capital of Rs 300 crores. At present . With the Government’s emphasizes on the need for PSUs to become truly global. The scope of work of the company was changed to Oil vides Ltd .
8% . Is recognized as the Most Valuable Indian Corporate. [ONGC was ranked 17th March 2004 . Has created the highest – ever Market Value Added (MVA) of Rs. but it is only ONGC which has exhibited such a performance (of doubling turnover and profits). • Has paid the highest-ever dividend in the Indian corporate history. and a remarkable Net Profit to Revenue ratio 29. upstream as well as downstream . Ranks as the 2nd biggest E&P company ( and 1st in terms of profits ). 596 Crore.] Is placed at the top of all India Corporate listed in Forbes 400 Global Corporate (rank 133rd) and Financial Times global 500 (rank 326th ). as per a recent survey conducted by US-based magazine ‘Global Finance’ . as deregulation has affected all the oil companies. in current listing of Economic Times 500 (4th times in a row). The growth in ONGC’s profit is not solely due to deregulation in crude prices in India. No other company in India operates even50% of this route length.10.before the shares prices dropped marginally for external reasons.• Asia’s best Oil & Gas company. • Crossed the landmark of earning Net Profit exceeding Rs. IS targeting to have its installation (offshore and onshore) accredited (certified) by March 2005? This will make ONGC the company in the world in this target. by Market Capitalization.24. the first to do among all Indians corporate . ONGC is the only Public Sector Enterprise to achieve a positive MVA as well as EVA.258 Crore and the fourth –highest Economic Value Added (EVA) of Rs. as per the Plants Business Technology (EBT) Survey 2004 . . Including nearly 3200 kilometers of sub-sea pipelines. • • • • • • • Owns and operates more than 11000 kilometers of pipelines in India. Ranks 24th among Global Energy Companies by Market Capitalization in PFC Energy 50 (December 2004) .000 crore. ahead of private sector leader like Reliance and Infosys. as assessed in the 5th Business Today-Stern Stewart study (April 2003). Net Worth and Net Profit. Business Baron 500 and Business Week. by Market Capitalization.
The growth in ONGC’s market capitalization (from Rs 18500 crore before May 2001 to Rs 1,25,000 crore in January 2004) is unprecedented and except Wipro no other Indian company (either in public or private sector ) has seen such a phenomenal growth.
• ONGC has come a long way from the day (a few years back) when India ONGC did not figure on the global oil and gas map. Today, ONGC Group has 14 properties in 10 foreign countries .Going by investments, ONGC is the biggest Indian Multinational Corporate (MNC).
ONGC is the only fully-integrated petroleum company in India , operating along the entire hydrocarbon value chain:
• Holds largest shares (52.7%) of hydrocarbon acreages in India. • Every sixth LPG cylinder comes from ONGC. • Contributes Over 84%of India’s oil and gas production. • About one-tenth of India refining capacity. • Created a record of sorts by turning Mangalore Refinery and Petrochemicals limited around from being a stretcher case for referral to BIFR to among the BSE Top 30, with in a year. • Owns 23% of Mangalore – Hasan- Bangalore product pipeline (MHBPL), connecting MRPL to the Karnataka hinterland.
ONGC has also ventured into Coal Bed Methane (CBM) and Underground Coal Gasification (UGC); CBM production commenced in 2006-2007 and UGC in 20082009 , ONGC is also looking at Gas Hydrates, as it is one possible source that could make India self-sufficient in Energy , on a sustained basis.
RESTRUCTURING OF ONGC:
ONGC has been converted into public Ltd. Company. It has been incorporated as Oil and Natural Gas Corporation Ltd. On 23rd june 1993 under the Companies Act 1956. The government of India issued an ordinance on 22 july 1993, so that the business of the commission could be taken over by the new company. The Lok Sabha on 23 August 1993 passed the “Oil and Natural Gas Commission” (transfer of undertaking repeal ) Bill 1993 and the Rajya Sabha on 27 August 1993 to provide for the transfer and vesting of the undertaking of Oil and Natural Gas Commission Ltd on 1st February 1994. The new company will be expanding the capital base diluting Government holding by offering fresh shares to Mutual funds, employees and public. As per the stipulation , the money thus raised would be used to meet its own funds ONGC to function more efficiency , with greater flexibility in raising resources from the capital market;such functional flexibility would be helping the company to perform btter to meet its production targets.
• The company is highly cost competitive and has established network in • The
company has gained expertise in the field of onshore and offshore oil exploration.
• ONGC is one of the few companies in the world , which operates a large number
of oil field services such as drilling , production testing , geophysical and logistic service.
• ONGC is the only company in India who is involved in offshore construction
activities related to oil and gas projects for more than two decades. It has rich experience over the last 25 years in its execution and possesses abundant data associated with these projects.
• ONGC contributes 90% of Indian crude oil production . • The
organization possesses highly skilled manpower at a low cost. The operational cost of ONGC is among the lowest in the world and its reserve level is equivalent to 23 years of production.
• ONGC can boast of installing 28 process platform , 132 well platforms and more
than 4000km submarine pipelines.
• Another area of strength of ONGC is its commitment and quality of maintenance
• ONGC has been receiving adjusted prices for crude oil and once the government removes APM. (OVL). the earnings are expected to increase. • Behaviors of the certain reservoirs in Mumbai have not been in line with the expectation. • The company will have prices fixed according to the international crude oil prices . • The company has entered into strategic alliance with IOC to form a national oil entity for domestic and global operations. • The company’s earnings were from the vagaries of global crude oil prices. . • There is lower realization per barren as compared to international prices. which would enroll investment in the future. OPPORTUNITIES: • ONGC has an opportunity for growth in overseas market through subsidiary ONGC Videsh Ltd. This will be a weakness for the company when the government decontrols the oil sector.WEAKNESS: • The purchase procedure of ONGC does not lead to feasible and past purchase decision. In near future the international crude oil prices are not expected to fall as OPEC countries have announced a production cut.
The company paid Rs 1700 crore to the government for a 10% stake in IOC and 5% in GAIL. . This is hampering the financial soundness of the company. • The company is a favored company by the GOI and in the decontrolled scenario. it could face greather challenges from private player.THREATS: • ONGC has a lot of exposure to the group companies in the form of cross holdings.
2003 .ONGC is the biggest wealth creator among the public and private sector companies in India. Its market capitalization exceeds Rupees one trillion placing it number one on India bourse . . otherwise it ranks among top ten oil and gas companies in the world in terms of market capitalization. drilling and production oil and gas. Accordingly. ONGC started earning revenue from the sale of oil and gas in early seventies. ONGC has climbed to this covetous position over 50 years of soiling and toiling in surveying . With production of crude oil almost remaining stagnant over the preceding 15 years . the rising output of natural gas and value added products as well as excessive hike in the global oil prices have accentuated the revenue earning of ONGC. ONGC was ranked overall as the second biggest E&P company and first in terms of profits globally in the 2nd Platts Energy business Technology (EBT) survey . Though it increased with rising output of oil and gas . the influence of the international price was dominant . the growing net profit has turned ONGC into the most affluent in the country.
5 % from 400% dividend for FY05 amounting to Rs.20 (up 11% over Rs. 50.556 crore (up 4% from Rs. 5. 12983 crore in FY05). trading -7%. The compounded Annual Growth Rate (CAGR) in income in last 5 years is 20.431 crore (up 11% Rs.003:1 .002:1 from 0. 62% of the turnover arrived from sale of crude oil . 13% from natural gas and 13% from sale of value-added-products (VAPs) like LPG. NCL. Highest-ever Net Profit of Rs 14.05 in FY05).FINANCIAL HIGHLIGHT ONGC Performance graph:- Highest ever Gross Income (Turnover ) of Rs. Highest-ever Earning-Per-Share (EPS) of Rs.6%. 101. 91. Highest-ever Dividend paid to shareholder of Rs. ARN. 450% (up 12. 48442 crore in fy05). other -5% . Debt-Equity reduced further to 0.704 crore).
Out of this . . 11421 crore (up 7% from Rs. Capital Expenditure rose to Rs. 9907% was spent on Exploration & Production (E&P). 10681 crore in FY05). 5 years CAGR is 30%.
CONTRIBUTORY POST RETIREMENT AND DEATH IN SERVICE SUPERANNUATION BENEFIT SCHEME .ONGC- SELF.
33% of the total benefits. • Eligibility for pensionary benefit requires minimum 10 years of continuous and contributory service with ONGC.1995.ONGC contributes Rs.10.12.1990 and 16.4. • The scheme is compulsory for all employees of ONGC on rolls as on 16.1. • The scheme in respect of unionized category of employees was circulated on 6.11. • The scheme as approved by Govt.1995 and joining thereafter.1991.• Self-contributory post retirement and death in service benefit scheme is designed to meet the post retirement needs of the family in case of death –in-services.8. • The respective scheme i. • The Pensionary Benefits are commutable up to 33. for executives and non-executives has come into effect from 1.1998.8. of India approval on 18.1992 in respect of Executives. • The trust-received recognition from Income Tax Commissioner on 5. • Pensionary benefits up to maximum of 50% of salary depending upon reckonable services as computed in terms of the scheme are admissible. • ONGC constituted trust named “ONGC self-contributory post retirement and death in service Superannuation benefit trust .per annum. 100/. • Refund of contribution is admissible in the event of cessation of employment without rendering minimum service of 10 years. • The scheme received Govt. Dehradun” on 23.e.11. of India was circulated on 2. • The scheme is self-contributory by members . .1991 to manage the scheme.1992 under schedule IV part B of Income Tax rules 1962.
♣ Investment of funds and maintenance of investment account. ♣ Maintenance of Fund Account and reconciliation of transfer of funds from ONGC. ♣ Accounting of all financial transaction of the Trust Account.248001 . ♣ Settlement of claim for Refund of Contribution as per provision of the scheme. ONGC. ♣ Preparation of Annual Accounts of the Trust. ♣ Maintenance of member-wise account of contribution received. Dehradun (UK). Tel Bhavan.The following are the broad functions being looked after by the section: ♣ Settlement of claims for pensioner benefits. All Correspondence relating to the scheme are to be made in the name of “The executive Officer PRBS. ♣ Maintenance of master data for all members.
O-23022/16/82.1991 and circulated under U. 24/86/Meerut/CIB dated 5. ONGC/HQ/PRBS/(31)/92 dated 2. ONG/DIII employees of ONGC. The trust created to run the scheme received recognition from Income Tax Commissioner vide letter No. 11/(23)/90EP dated 20.CONTRIBUTORY POST RETIREMENT AND DEATH IN SERVICE BENEFIT SCHEME DEFINITION The scheme is called “ONGC self contributory post retirement and death in service superannuation benefit scheme.1998 in respect of non-executives.09. (27/98) dated 6. .1991.8. The scheme received Government of India approval vides Ministry Potreleum and Natural Gas letter No.ONGC SELF.1992 in respect of executives and vide OO No.O> No. INTRODUCTION OF THE SCHEME The scheme was introduced vide circular No.1.12.
1995 and the joining thereafter.4. The scheme is compulsory in respect of all the employees of ONGC as on 16. .1995. The scheme has come into force from for non-executives from 16.11.1990 in respect of all executives. The scheme is effective from 1.11.
It would also include corporation regular employees whose service are temporarily placed at the disposal of state Govt. . It excludes:- (a) Any casual and daily rate employee (b) Contingent employee (c) Person employed on contract It exclude all executive of the corporation who superannuated between 1.1990 to 31.1990 and 31. It include executive who took voluntary retirement or who had expired or who had become permanently total disabled during the period between 1.3.1991./Cental/any government/Industrial undertaking.1991.The scheme applies to all regular employees holding post an or after whose service is temporarily placed at the disposal respective effective dare of the schemes in the corporation.3.4.4.
ELIGIBILITY FOR BENEFITS UNDER THE SCHEME To become eligible for the benefits under the scheme. Thus. before joining ONGC would be counted as qualifying service for benefits under the scheme. whether with central or state government or any other PSU. only continuous service rendered or to be rendered in ONGC would be taken into account for determining the eligibility for pensionary benefits and no service rendered elsewhere . the member:a) Should have served or should serve ONGC at the time of becoming member for a continuous minimum period of 12 years before superannuation or cessation of the employment. . b) Should have contributed according to the scheme . c) The minimum of 10 years of service is not essential in case of death/permanent total disablement if the member has 12 years.
BENEFITS UNDER THE SCHEME In respect of executives superannuation up to 10.1987. In respect of unionized category of employee The post retirement benefits shall be the sum total of benefits for past service subject to maximum of 50% on notionally escalated salary on the date of cessation of employment. .06.01. However .1996 The post retirement benefit at 40% of salary as applicable for past and future service in case of each individual admissible for a reckonable service of 33 years.1.1996 The post retirement benefit shall be the sum total of benefits for past service and future service to maximum of 50% on notionally escalated salary on the date of cessation of employment. where the reckonable service is above or below 33 years the benefits will be calculated proportionately with a maximum limit on benefit being 50% of last salary drawn as on date of cessation of employment in the revised pay scale effective 1. In respect of executives superannuation up to 10.
1990 and 1. provided they fulfill the eligibility criteria. However.e. Effective from 16.1995.4.MEMBERSHIP All regular executives of ONGC in the service of the company on or after the effective data of the scheme i. class 3rd employees promoted as executives shall automatically become members of the scheme application to executives w.4.1990 shall be eligible to become members of the scheme .f.1995 provided they fulfill the eligibility criteria. The scheme shall be optimal to the executive existing in regular service of the company on the effective date of the scheme i.1991 shall be final and irrevocable. .e. but excludes the executives who had retired between 1.1990.4.e. 16. The scheme becomes compulsory for all executives or employee’s w.e. Optimal exercised by the executives existing as on 1.11. 1. it will be compulsory for executives joining regular services in the company as new entrants on or after the effective date of the scheme. their respective effective dates of promotions.1991.4.f.11. 1.4.
1990 to 15. (1) NORMAL OR PERCENTAGE CONTRIBUTION The contribution to be made by executives during the period from 1.75% of salary 1% of salary 2% of salary 3% of salary 4% of salary 4.1991.12. RATE OF RECOVERY 0.Under PRBS has to be made every month towards PRBS trust which is created to run the scheme and received recognition fron tax commissioner on 5.1995 shall be calculated on his /her salary and at the rate.NO 1 2 3 4 5 6 7 8 AGE GROUP Below 25 years Above 25 years and up to 30 years Above 30 years and up to 35 years Above 35 and up to 40 years Above 40 and up to 45 years Above 45 and up to 48 years Above 48 and up to 50 years Above 50 and up to 58 years of salary .5% of salary 5% S. The age group at the time of joining the scheme will remain constant for the purpose of the contribution applicable for that age group.4.5% of salary 0.11. given here-in-under depending on his age on the effective date of the scheme for executives on roll of ONGC and having joined the scheme and on the date of joining ONGC in respect of new entrants provided such new entrants is otherwise eligible for becoming members of the scheme.
1998 RATE OF RECOVERY 1% of salary 1. The contribution to be made by executives effective from 16.11.1995 shall be on the salary as “defined” and “effective” from 16.1995.1995 and at the rates given herein under depending on the age on the effective date of the scheme . However . The following are the rates of contribution for various Age group: S.50% of salary 5.NO 1 2 3 4 5 6 7 8 9 AGE GROUP Below 25 years Above 25 years and up to 30 years Above 30 years and up to 35 years Above 35 and up to 40 years Above 40 and up to 45 years Above 45 and up to 48 years Above 48 and up to 50 years Above 50 and up to 58 years Above 58 years and up to 60 years Effective 2.1995 and at the rate given hereunder depending on his age on the effective date of the scheme for employees on the rolls of ONGC for new entrant.11.50% of salary 2.5. The rate of contribution fixed at the time of entry will remain constant so long as employee does not move to the supervisor/ executive category. and the contribution to be made by executive on roll of ONGC as on 16.11.1995 shall be on the salary and the age as on 16.11.50% of salary 5.11.50% of salary 3.50% of salary 4.25% of salary 1.00% of salary 5.50% of salary The contribution to be made by the employee (unionized category) shall be on salary as “defined” and “effective” from 16.
.the age group applicable at the time of joining scheme will remain constant and will not undergo change even after employees move to supervisory/executive category.
The additional contribution until reviewed and revised are as given here under year wise up to 99-2000.50% of salary 2.5% of salary 0.75% of salary 2. The rate escalation for additional contribution shall be at the rate of 11% compounding annually until reviewed and revised and shall be notified separately each year.25% of salary 2.S.625% of salary 0. ADDITIONAL CASH CONTRIBUTION per month shall also be made by member employee to make up the requirement relating to funding of the scheme as determined by Board of Trustees from time to time.75% of salary 2. .75% of salary (2)ADDITIONAL CONTRIBUTION Apart from the above contribution depending upon the age at the time of entry in the scheme as percentage of the salary.NO 1 2 3 4 5 6 7 8 9 AGE GROUP Below 25 years Above 25 years and up to 30 years Above 30 years and up to 35 years Above 35 and up to 40 years Above 40 and up to 45 years Above 45 and up to 48 years Above 48 and up to 50 years Above 50 and up to 58 years Above 58 years and up to 60 years RATE OF RECOVERY 0.25% of salary 1.75% of salary 1.
28 19300.54 15664. 1 2 3 4 5 6 7 8 9 10 Year 97-98 98-99 99-2000 2000-01 2001-02 2002-03 2003-04 2004-05 2005-06 2006-07 Monthly Rs.12 12714.54 21423.99 Rs. 1608. 954.85 173879. 1448.37 Rs.00 14112. 1059.92 Rs. 1305. 1785.774.40 Rs.40 10319.48 . 859.20 9296. 1176. 697093 RS.00 11454.50 Rs.04 Rs.29 Yearly 8375.51 Rs.S.70 Rs.No.L.
1991 drawn in the scale effective from 220.127.116.115 as the case may be will be appreciated as under in respect of executive both under and above two cases: (1+FS*0. The reckonable service for the purpose of pensioners benefits shall be worked out as under: (A) IN CASE OF EXECUTIVES: (1) Joining the scheme prior to 16. FS is the future service rendered in ONGC after 1.11.1990 will be discounted as under: (1-PS*1.11.2/100)*PS The benefit for such past service without rounding off will be calculated on the actual salary as on 31.1.1. (2) Joining the scheme on 16.1990.2/100)*PS Where .21% per year of accrual of reckonable service. (3) Future service in ONGC after 1.1995 will be discounted as under: (1-PS*1.1991 drawn in the scale effective from 1.4.21% per year of accrual of reckonable service. PS is Past service in ONGC. Past service in ONGC up to 16.1995 and continuing to be in service after 10.6% per year of accrual of reckonable service on notionally escalated salary.1987 and at the rate of 1.1996 but existed on rolls as on 1.6/100)*FS+0.4.12.11.1987 and at the rate of 1.11.Contributions service rendered with ONGC only counts towards reckonable service under the scheme.1990 and 16.1990 or 16.1995 by executive as the case may be: The benefits for this future service without rounding off shall be calculated at the rate of 1. The benefit for such past service without rounding off will be calculated on the actual salary as on 31. .18.104.22.1685 Past service in ONGC up to 1.0002*(FS*FS*FS) Where.
(A) IN CASE OF EMPLYEES: (1) UNIONIZED CATEGORY OF Past service in ONGC as discounted as under: (1-PS*1.e.11.2% Per year of accrual of reckonable service.11.2/100)*PS on 16. 1996.6% per year of accrual of reckonable service on notionally escalated salary. . The benefit for such past service without rounding off Will be calculated on the actual salary as on 15.6/100)*FS++0.1992 and at the rate of 1.1995 or after the case may be .f. FS is Future Service rendered after 16.11. The benefits for this service shall be calculated @ 1. (2) The future service shall be calculated as per following Formula: (1+FS*0.1995 and thereafter notionally escalated and compounded annually @ per annum w.1195 the scale effective from 22.214.171.124.0002*(FS*FS*FS) Where.Salary shall mean the actually drawn by member as on 16. (3) Sum total of benefits under (B) 1) and (B) 2) shall be the total pensionary benefits.1995 will be Where. (4) Sum – total of benefits as per (A1) and (A)3) or (A)2 and (A)3) shall be the post retirement benefits in respect of executives joining the scheme prior to 16. PS is Past Service in ONGC.1995.
at the time of the retirement or death of each employee or on his becoming incapacitated prior to retirement”. The “corpus” remains fixed and does not undergo change.e. However. he will continue to be paid the pension till his death. • The annuity is purchase as per provision of Rule 89 (2) Income Tax Rules. if member survives after 15 years.“Pensionary Benefits” under this scheme will be paid by way of purchase of annuity from LIC at the time of cessation of employment on account of superannuation. the trustees shall accumulated the contributions in respect of each beneficiary and purchase on annuity from Life Insurance Corporation of India.379 to arrive at the Corpus. the pension will be given to legal heir/nominee for the remaining period i. • Life Pension with guarantee payment for 15 years means pension for life of an annuitant and is guaranteed for 15 years period. Income Tax Rule 89(2) provides as under:“For the purpose of providing the annuities for the beneficiaries. death. • • The member or the beneficiary shall have option with the corpus so arrived at for Pensionary benefits due to him:- . voluntary retirement or leaving the organization(if application under the provisions of the scheme). upto 15 years only. “Corpus” means total amount of Pensionary benefits as admissible under the scheme. In case the annuitant dies during this period. Pensionary benefits for sum total of Past and Future service will be multiplied by 92. Pensionary benefits are calculated on the basis of LIC annuity for Life pension with guaranteed payment for 15 years.
including Life Pension with guaranteed payment for 15 years. the amount of the annuity continues to be credited in the said bank account by LIC for the balance guarantee period of specified number of years as per the scheme. so that in the event of death of the member. Option once exercise will be final and binding and irrevocable. OR (b) To commute one third (1/3) of the Corpus and then choose any one of the annuity from the various type of annuities available with LIC with guaranteed payment for 15 years. • LIC also permits remittance of the amount of periodical annuity to the Bank Account of the annuitant. In case. address and bank account number to LIC to which the amount of annuity is required to be created. The annuitant will have to give details of name of bank. .(a) To choose any one of the annuity from the various type annuities available with LIC. the member should open and should have joint account with beneficiary or joint account holder. member opts for the annuity with guaranteed period of payment. • The members/ beneficiary may exercise the option at the time of submitting the application for payment of pensionary benefits under Scheme.
39% 9.19% NA 8% 7.43% 9.68% 8.17% 7.41% 8.7% 7.99% 8.91% 8.24% 9. • LIC has revised its Annuity rates.) 7.56% 9.) 7.a.) 7.a.73% 8. The new rates along with calculated of pension are as follows: Annuity Options/Insurer LIC of India SBI Life ICICI Prudential Male Annuitant Type Of Annuity Rate Of Rate Of Annuity (p.50% 9.• The mode of the annuity can be on yearly/ half yearly/ quarterly/ monthly basis depending upon the option of the annuitant.42% 9.34% 9.14% 7.a.63% 8.61% NA 8.69% 9. Beneficiaries will be required to provide on the 1st day of January of each year Existence Certificate as prescribed by LIC in support of the fact that he is alive eligible to draw his benefit.17% 8.09% Rate Of Annuity (p.41% 9.41% Female Annuitant Rate Of Annuity (p.a.24% 9.41% Annuity for life with return of Capital or death Annuity for life Annuity for life Guaranteed for 5 years Annuity for life Guaranteed for 10 years Annuity for life Guaranteed for 15 years Annuity for life Guaranteed for 20 years Annuity for Joint Life Last survivor Pension Annuity for Joint Life Last survivor Pension with Return of Capital on death of last survivor .6% 6.) Annuity (p.24% 8.82% 8.92% 8.
e. of India. is made by sub committee of trustees in accordance with Govt. Securities % 25 15 Bonds/Securities of public Financial Institution/ 30 Public Sector Companies/ IDFC % To be invested in any of the above three 30% Categories as decided by the trustees . • Govt. ONGC self contributory Post Retirement and death in Service Superannuation Benefit Fund. Securities % State Govt. i. of India guidelines notified each year and subsequently got ratified by the trust in the following meeting. Fund involves all moneys contribution to the fund or received or accruing by the way of interest or otherwise to the fund.INVESTMENT The investment of the “Fund”. ministry of Finance has prescribed the following investment pattern:- (1) (2) (3) (4) Central Govt. The fund is to have to minimize annualized yield as many be determined from time to time.
arrears of contribution.00 948.000.Govt.400. Securities State Govt. of India notifies the above pattern for each financial year • The investment-able fund for each month is net amount of available funds with the trust comprising of monthly Contribution.00 5.636.769.00 1.03.00 1.046.000.017. SUMMARY OF INVESTMENT AS ON 31.048.892.880.638.869.00 .417.820. Securities Public Sector Undertakings Special Deposit Scheme Total Face Value 1. interest earned on investment and maturity of any investment fund less the amount fund less the amount payable or paid for meeting obligation under the scheme.2006 Category Central Govt.
etc.2005. 10. 11% ICICI Bonds.18% GOI-2026. 518.18%. 10% IDBI Suvidha Deposits.30% GOI-2016.05% Canara 2014. whereas it stood at Rs.50% Goi-2034.38 crore on 31.48 crore on 31. 12.3. 12% SAIL Bonds.06% Trust is maintaining strong position during the year 2004-2005 with general fund rising by 31.2004. 7.FINANCIAL PPOSITION: • Investments increased by 11.3.60% and stood at Rs. 7. 12% GSRTC Bonds.03% Goi-2012. 477. The balance transferred to General Reserve has increased by 3.64% and this increase is due to increase in income by 5. IN CRORE . Rs. 600 500 400 300 200 100 0 2 0 0 1 -0 2 2 0 0 2 -0 3 2 0 0 3 -0 4 2 0 0 4 -0 5 2 0 0 5 -0 6 Y E ARS C o rp us F und I nve s tm e nts T o tal I nc o m e T o tal e xp e nd iture B e ne fit to M e m b e r RETURN ON INVESTMENT: • Some notable investments include 11.
PERFORMANCE OF THE TRUST Year ended 31stMarch 2006 (Rs.53 316.In Million) Interest Income Other Income Total Income Benefit to the member Interest on withdrawal Other Expenses Provision towards unlodged claims Premium Written Off Interest Receivable from ONGCWritten OFF Prior Period Adjustment Total expenditure Excess of Income over expenditure 428.18%.79 504.71 49.89 .82 30.99 491.46 325.32 1.58 Year ended 31st March 2005 (Rs.79 7.13 -30.89 290.81 43.17 0.58 .64 5.• During the year 2004-05.10 166. In Million) 476.95 505.90 21.15 88.04 15. the rate of return on the investments of the Trust was 9.79 14.
WEST TRIPURA Designation Date of birth: 1.12.04.1978 Date of Joining PRBS: 16.02.26 Commutation (%) opted: 12. Annuity for life with return of capital Nomination (along with % share): NIL Date of birth of nominee: Bank account No.1991: 0.11.00 Notional salary on cessation of service: 7.2013 Reason for cessation from service: demise Salary as on 31.475.2001 National date of superannuation: 28.00% Type of annuity opted.12.1995: 4.1995 Date of cessation from service: 21.101. & name of branch: .03.PENSIONARY SETTLEMENT CALCULATION 1) DEATH CASE- Name o the member: NATH SAJAL Communication Address: VILL-RAGHU NATHPUR.1953 Date of Joining ONGC: 7.00 Salary as on 16.11.
007.844.19 Gross Corpus: 328.88591 Future service: 6.00 Amount payable to LIC: 389.09977 Reckonable Future service: 6.00 Any other deductions: 0.00 Past service: 17.00 2) NOTIONAL RETIREMENT CASE - .00 Commutation: 39.00 Net Corpus: 288.60 Future service Corpus: 66.302.32 Past service contribution: 39.028.00 Interest payable to LIC: 100.Address of nearest LIC Divisional office: LIC AGARATALA Total Contribution: 63.388.458.655.64 Future service contribution: 0.361.647.00 Net commutation: 333.36840 Past service corpus: 69.60525 Reckonable Past Service: 13.
& name of branch Address of nearest LIC Divisional office: LIC.1985 Date of joining PRBS: 1.29 Communication (%) opted: 33.95228 .12.1952 Bank account no.11.1991: 4.33% Type of annuity opted: Annuity for with return with capital Nomination (along with % share): SWAPNA DAS (100%) Date of birth of nominee: 24.07.NAME OF THE MEMBER: DAS MANIK LAL Communication Address: PO: Nabagram.1995: 10.834.08. 651.4.07.4.1990 Date of joining PRBS: 1.813. PANEL Total Contribution: 245. WEST BANGAL Designation: Date of Birth: 12:07:1946 Date of joining ONGC: 18.31 Past service: 4.1990 Date of cessation from service: 31.04.866. HOOGHLY.00 Notional salary on cessation of service: 24.75 Salary as on 16.2006 Notional date of superannuation: 31.2006 Reason for cessation from service: Superannuation /Retirement Salary as on 31.
00 Amount payable to LIC: 476.429.04 Interest payable to LIC: 0.949.00 Commutation: 238.04 Past Service Contribution: 23.357. .65 Gross Corpus: 715.00 Net Corpus: 476.87 Future service Contribution: 0.928.80547 Past Service Corpus: 25.00 Net Commutation: 214.00 Any other deduction: 0.293.39 Future service Corpus: 690. Dehradun.929.479.063.00 Self Contributory Retirement& Death in Service Superannuation Benefit Trust Tel Bhavan.Reckonable Past Service: 18.
2) Total Contribution (normal and additional contribution) that is to be made by the employees should amend in accordance to the comfort level of the employees. . highly motivated. which is established for the aforesaid purpose: 1) Employees are a very important part of any business organization. That’s why their suggestions and opinion are of great importance. The pension scheme that is adopted by the ONGC for its employees is formulated for their old age benefits and for the safety of their dependents.ONGC considers the human resources to be its greatest assets in its stride to achieve corporate excellence. The success of the company is due its 41. professionally competent committed multidisciplinary workforce comprising of scientist.000 strongly. technologists. so that they don’t feel it as a burden on them that they have to pay it even if they don’t desire. Following are the few suggestions and recommendation towards the PRBS section or TRUST. 3) The investment should be made more fruitful. who contribute a certain portion of their salaries towards the PRBS trust. so that they can be yield good rate of returns on them and hence the benefits of the employees can also be increased. engineers and other support personnel. So at the time of adopting or implementing any new changes and rules in said Pension Scheme the PRBS Trust should welcome employee’s views and opinions and if required then the same should be implemented keeping in mind the interest of all.
ONGC Self Contribution Post Retirement and Death in Service superannuation Benefit Trust (PRBS) is a very impressive and beneficial step towards the post retirement needs of employees and of the family in case of death of the employee in service. ONGC for their employees is proceeding quite fine. PRBS Trust – (2002-03) . • Annual Report. ONGC – (2004-05) • Annual Report. As the success of every Organization depends upon the quality life of its employees. It needs to continue its processing in the same way for the requirements and benefits of its employees.Companies today are constantly striving towards enhancing the quality of work life and also the personal life of its employees and this does not stop with the employees but gets extended to his/her family as well. The process of adoption of the pension Scheme by PRBS Trust.
com www. PRBS Trust – (2003-04) • Annual Report.• Annual Report.ongcindia. as per a recent survey conducted by US-based magazine ‘Global Finance’ . ONGC is ranked as Asia’s best Oil & Gas company. PRBS Trust – (2004-05) • Annual Report. PRBS Trust – (2005-06) • ONGC Manual • Circulars • PRBS Manual • Visited Sites: www. ONGC has featured in the 2008 list of Fortune Global 500 companies at position 335.ongcreports.com International rankings • • • ONGC has been ranked at 1 by the Forbes Magazine in their Forbes Global 2000 list for the year 2007 .  a climb of 34 positions from rank of 369 in 2007.
To achieve this objective an Oil and Natural Gas Directorate was set up in1955. ONGC has produced more than 600 million metric tonnes of crude oil and supplied more than 200 billion cubic metres of gas since its inception. as per the Platts Energy Business Technology (EBT) Survey 2004. • • • • history ONGC (Oil and Natural Gas Corporation Limited) is India's leading oil & gas exploration company. Chinnewala Tibba (gas) in Rajasthan. ONGC is India's highest profit making corporate. In August 1956.69 tonne. and Laipling-gaon (oil and gas) and Banamali (oil). state-of-the-art refinery. at Vasai West (oil and gas) in Western Offshore. Iran. 1956 in February 1994. ONGC has also acquired 72% stake in MRPL with full management control of the 9. After liberalization in 1991. Economic Times 500. which enhanced powers of the commission further. • Holds largest share of hydrocarbon acreages in India. both in Assam. The Industrial Policy Resolution of 1956 placed mineral oil industry among the schedule 'A' industries. • Leads the list of Indian companies listed in Forbes 400 Global Corporates and Financial Times Global 500 by Market Capitalization. ONGC was re-organized as a limited Company under the Company's Act. ONGC has a fully owned subsidiary. and Indo-Stanvac Petroleum project (a joint venture between Government of India and Standard Vacuum Oil Company of USA) at West Bengal. the Commission was converted into a statutory body by an act of the Indian Parliament. Business Baron 500 and Business Week recognizes ONGC as most valuable Indian corporate. ONGC found new resources in Assam and established new oil province in Cambay basin (Gujarat). Today. The vast sedimentary tract in other parts of India and adjoining offshore were largely unexplored.• • • 2nd biggest E&P company (and 1st in terms of profits). ONGC has grown into a full-fledged horizontally integrated petroleum company. ONGC Videsh Ltd (OVL) that looks for exploration opportunities in other parts of the world. Major Achievements of ONGC • Judged as Asia's best Oil & Gas company. Recently. It has a share of 77 percent in India's crude oil production and 81 per cent in India's natural gas production. which called for the development of petroleum industry in India. the Directorate was raised to the status of a commission with enhanced powers. Iraq. Government of India decided to develop the oil and natural gas resources in the various regions of the country as part of the Public Sector development. . as a subordinate office under the then Ministry of Natural Resources and Scientific Research. The origins of ONGC can be traced to the Industrial Policy Statement of 1948. private oil companies such as Assam Oil Company at Digboi. In 1955. ONGC has made six new discoveries. In 1960s. to ensure efficient functioning of the Oil and Natural Gas Directorate. GS-49 (gas) and GS-KW (oil and gas) in Krishna-Godavari Offshore. • Only fully-integrated petroleum company in India. Today. by Market Capitalization. were engaged in exploration work. as per the Platts Energy Business Technology (EBT) Survey 2004 Ranks 24th among Global Energy Companies by Market Capitalization in PFC Energy 50 (December 2004). as per a recent survey conducted by US-based magazine 'Global Finance' • Ranked as the 2nd biggest E&P company (and 1st in terms of profits). Until 1955. operating along the entire hydrocarbon value chain. OVL is pursuing exploration of oil and gas in Russia. Business Today 500. Oil India Ltd (a 50% joint venture between Government of India and Burmah Oil Company) at Naharkatiya and Moran in Assam. Net Worth and Net Profits. In October 1959. Libya Myanmar and other countries. In early 1970s went offshore and discovered a giant oil field in the form of Bombay High.
. TheCompany's revenues are derived primarily from the sale of itsproduction of crude oil natural gas liquefied petroleum gas (LPG) C2-C3 (ethanepropane) and natural gasoline (NGL).ONGC has assimilated various technologies in the field ofhydrocarbons explorations and exploitation.To strengthen reserves accretion portfolio and open up areas offuture exploration ONGC has undertaken an Accelerated Programme ofExploration with an outlay of Rs 3958 crores.In October the Commission was converted into a statutory body by theOil and Natural Gas Commission Act 1959. -The company was subsequnely converted into a public limited company in Jun.The Company acquired the undertaking business assets andliabilities of the erstwhile Oil and Natural Gas Commission ("theCommission") on 1st February.e. . 1992 . equity in Public Sector Undertakings and other measures. 1993 .'93 following new liberalized economic policy adopted by the Government of India in July 1991 sought to deregulate and delicense the core sector (including petroleum sector) with partial disinvestment of Govt. It has 2 central work shops located atBaroda & Sibsagar 7 project workshops and 11 auto workshops located atvarious project sites employing multifavious equipments and machinery.ONGC undertook exploitation of Coal Bed Methane (CBM) potential inDamodar valley. crude oil andnatural gas.The main objectives of APEX was Enhancement in seismic surveys enhancement in exploratory drilling national seismic programme exploration in frontier areas and acquisition of foreign acerage. 1959 . 1994 .ONGC functions as the primary arm of the Government as regardsexploration for and exploitation of India's petroleum resources.Company History: 1956-Oil and Natural Gas Corporation(ONGC) was set up in 1956 with significant contribution in industrial and economic growth of the country. . .Oil and Natural Gas Corporation Limited ("ONGC") was incorporated bythe Government of India as a Public Limited Company under the CompaniesAct 1956 on 23rd June. The Company ownsDornier-228 aircraft chetak helicopter offshore supply vessels andgeo-technical survey vessel.It has also state-of-the-art communication systems both terrestrial andsatelite based for meeting operational & MIS requirements of onshore &offshore. . The company is engaged in the exploration development and exploitation of hydrocarbons i. The main objectives of theCommission were to plan promote organise and implement programmes forthe development of oil and natural gas resources and the production andsale of oil and natural gas products.
Indian Oil Corporation Bharat PetroleumCorporation Ltd.ONGC would float a joint venture company to carry out exploration atNeelam . The venture with a privateforeign company would be set up with an equity participation of 50 percent each. 66 39 910 No. .1996 . . The interpretation of Seismic dataacquired in the deep water offshore areas led to identification of anumber of prospects in Krishna-Godavari Cauvery Kerala-konkan & Kutchbasins. 1997 . . .ONGC holds 40% participating interest in three joint venturecontracts for development of Ravva Panna-Mukta and Mid & South Tapti. & ONGC for import of LNG & setting up appropriate LNGterminals to meet the demand for gas in the country.The Company embarked upon exploration in the deep sea basin on theEast and West Coast of the country.For the first time in India Oil and Natural Gas Corporation Ltd(ONGC) has installed a 24-hour video conferencing facility from itscontrol room at Bandra to offshore platforms in Mumbai Offshore.Royal Dutch Shell group the world's largest oil company plans tojoin hands with Oil & Natural Gas Corporation to help revive productionat the Neelam oil field of the public sector company.The Oil and Natural Gas Corporation (ONGC) has taken up joint ventureprojects in the fields of exploration development and production inseven countries: the United States Russia Vietnam Yemen Tunisia Egypt and Kazakshtan.The company's major projects include installed HX-HY platform for thedevelopment of Heera Phase III completion of Hazira terminal phase IIIA& the two EOR projects in the heavy oil velt in North Gujarat. .The ministry of petroleum and natural gas has invited joint ventureswith Oil and Natural Gas Corporation for exploration.ONGC and Bharat Petroleum Corporation Ltd (BPCL) are exploring thepossibility of setting up the proposed paraxylene venture at Hazira asa private sector project. Inaddition ONGC submitted four new projects for government approval.ONGC Videsh Ltd is a wholly owned subsidiary of the company. 1076 440 366No.an oilfield at Mumbai High.The Institute of Oil and Gas Production Technology (IOGPT) a premierresearch and development institute of Oil and Natural Gas CorporationLtd has been awarded the prestigious certificate of ISO 9001 for designdevelopment and consultancy including lab study and training forhydrocarbon production processing and refining. of equity shares issued as bonus shares. of equityshares disinsted. .3428 53 716 shares issued to the President of India. . . . . . .The Government gave its approval for a joint venture proposal of GasAuthority of India Ltd.
. .Leading global oil companies like Chevron Occidental Brown and RootEnergy Services (BRES) Total Marathon Oil Shell and Amoco haveapproached the Oil and Natural Gas Corporation (ONGC) for a jointventure to enhance crude oil output from the Neelam field. . . . .For the first time Oil and Natural Gas Corporation (ONGC) the oilexploration major has evinced keen interest to participate in theequity of a captive power project in Tamil Nadu. After signing of agreement the ONGC has recently set up itsoffice in Dhaka. .Oil and Natural Gas Corporation (ONGC) is all set to implement ofpart of the recommendations made by McKinsey & Co within two months.The Oil and Natural Gas Commission has signed an agreement with thetwo governmentsponsored gas units of Bangladesh to start exploratorydrilling in Brahmanbaria and Habigonj region of the neighbouringcountry. . .Public sector giants ONGC and Gas Authority of India Ltd (GAIL) havelocked horns over the setting up of an LPG recovery plant at Gandhar inGujarat. . .ONGC Ltd and PGS Ocean Bottom Seismic a Norwegian company havesigned a Rs.India's largest oil exploration and production (I&P) company Oil andNatural Gas (ONGC) is all set to emerge as a major blue chip in thenext millennium.Oil and Natural Gas Corporation (ONGC) is holding negotiations withArco an American company for setting up a 50:50 joint venture forcoal bed methane (CBM) exploration projects. . .Oil and Natural Gas Corporation (ONGC) has signed a pact with ChineseNational Oil Co for Exploration and Development to undertake operationsin other countries.The joint venture committee of the Oil and Natural Gas Corporation(ONGC) is close to finalising plans for picking up a stake in theCentral India refinery. This is the first time that Oil & NaturalGas Corporation (ONGC) has awarded a turnkey contract consisting ofacquisition processing and interpretation of seismic data.Oil and Natural Gas Corporation (ONGC) has launched a major oil huntfor the first time in the deep waters off the Krishna-Godavari (KG)basin last week when its refurbished offshore rig Sagar Vijay commenced drilling operations at 530 metres depth in a structure offthe Amalapuram coast in south Andhra Pradesh. 1998 .PGS of Norway has been awarded the world's largest 3-D seismic surveycontract for Bombay High.180-crore contract for a three-dimensional ocean bottomcable technique seismic survey over the Mumbai High field.The state-owned petroleum giant Oil and Natural Gas Corporation willsoon initiate a largescale organisation restructuring programme aspart of efforts to make it more competitive in a liberalised globalregime.The proposed joint venture between the Oil and Natural GasCorporation (ONGC) and Lubrizol India may come a cropper.Oil and Natural Gas Corporation (ONGC) board will shortly considerincorporating a new subsidiary for taking on contract jobs at home andabroad.. .
.for the supply of nearly 5 70 000 tonnes per year of feedstock for its4 00 000 tonne ethylene cracker at Nagothane. .The Company is all set to sign a Memorandum of Understanding withVenezuela oil major Petroles for joint efforts in upstream activities.Oil and Natural Gas Corporation Ltd.Oil and Natural Gas Corporation and Oil India Ltd have signed theirannual memoranda of understanding (MoUs) with the government forperformance targets for 2000-01.The Company and Indian Oil Corporation Ltd. . .The Oil and Natural Gas Corporation is exploring the option ofintroducing a voluntary retirement scheme for select groups which workin highly specialised activities like drilling.The Oil and Natural Gas Corporation Ltd (ONGC) will set up two majoroil spill response centres in Mumbai and Kakinada along the western andeastern coasts to combat emergency situations arising out of oilspills. . .The Oil and Natural Gas Corporation (ONGC) has set up an expertcommittee to inquire into the first ever fire at a gas producing well. .Oil and Natural Gas Corporation Limited has mooted the idea ofsetting up a separate subsidiary in information technology to developoperational and distribution expertise for the oil and petroleumindustry.ONGC and the Russian oil giant Lukoil entered into an agreement lastweek for opening up increased opportunities for joint oil explorationand exploitation in Central Asian countries. has entered into refinanceagreement with the Bank of America for a $180 million syndicated loanto help ONGC repay its earlier costlier Citibank loan. . 2000 .In March 1999 ONGC Indian Oil Corporation (IOC) a downstream giant and Gas Authority of India Limited (GAIL) the only gas marketing company agreed to have cross holding in each other's stock to pave the way for long-term strategic alliance amongst themselves both for the domestic and overseas business opportunities in the energy value chain. 1999 ..Coal India Ltd and Oil and Natural Gas Corporation have joined handsto set up a joint venture project for undertaking commercialexploitation of coal bed methane which occurs in high rank coals inthe coalfields of Raniganj west Jharia ast West Bokaro Ramgarh andeastern part of north Karanpura. . . have proposed a strategicpartnership by way of setting-up an independent corporate entity forexploration and production of hydrocarbons and their refining andmarketing abroad.State-owned Oil and Natural Gas Corporation (ONGC) is planning to setup a state-of-the-art integrated radio communication system which wouldinterconnect the company's different offices within the country. .Indian Petrochemicals Corporation Ltd (IPCL) has entered into along-term agreemen with Oil and Natural Gas Corporation (ONGC) Ltd.
75 km north of Bombay High . 2001 . .will be suppled exclusively to BSES.: As part of its mega restructuring exercise the Oil and Natural GasCorporation has introduced a voluntary retirement scheme for trimmingits 40 000 strong work force all over the country.NTPC and ONGC are forming a new joint venture company for setting upgas residue-based power projects.ONGC Videsh Ltd.The Oil and Natural Gas Corporation (ONGC) and BSES have signed amemorandum of understanding (MoU) wherein natural gas from an oil well. . . . the overseas subsidiary ofONGC will sign a 1.ONGC and IOC two companies have formed aj oint venture ONGIO a namederived by mrging the initial letters of their respective acronyms which will explore opportunities in training and consultancy in the oilIndustry. will sign an MoU with Indonesian Oil CompanyPertamina. .The Company while gearing up for deregulation of the hydrocarbonssector in 2002 will set up a separate marketing division in the monthof September. . .The Company to set up a separate information technology company whichwill cater specifically to the oil and gas industry.2 million tonnes of crude oil during 20012002.The Company would set up a 360-MW gas-based power project at Hazirain a joint venture with the National Thermal Power Corporation.The ONGC principally an oil and gas exploration and productioncompany has entered the refining sector too with the commissioning ofthe Tatipaka mini-refinery in East Godavari district on September 3rd .Oil & Natural Gas Corporation Videsh Ltd.Oil and Natural Gas Corporation has signed a memorandum ofunderstanding with the Ministry of Petroleum and Natural Gas for theproduction of 25.The Company and Reliance have joined hands with Algeria's Sonatrachto secure an oil field in Iraq for production of crude. .ONGC has formulated an exploration strategy for the next 20 years with the twin objectives of doubling the reserve base to 12 billiontonnes oil (BtOE) equivalent besides raising the global recovery factorto 40 per cent or more. The tie up aims at reducingthe financial risks involved in deep-water exploration.The Oil and Natural Gas Corporation (ONGC) plans to invest Rs 5 000crore in the oil and gas exploration business in order to double itsreserve base to 12 billion tonnes oil equivalent by 2020 according tothe ONGC Chairman and Managing Director Mr Subir Raha.7 billion dollar deal with Russian national oilcompany Rosneft for taking 20 per cent stake in Russian Far East oiland gas field Sakhalin-I in Mosocow on February 10. . . . .The Company has tied up with Indian Oil Corporation for undertakingoil exploration for eight deep-water blocks under the NationalExploration Licensing Policy (Nelp) II.. .
Hindustan Petroleum Corporation Ltd. on 8th June 2001 a 50:50 joint venture company for Training Consultancy & Services in Hydrocarbon Sector.Discovers 363 million metric tonnes of crude oil in Gujarat .1 among ET 500 .ONGC scraps 350 MW naphtha based Hazira power project . .Signs MoU with Bharat Heavy Electricals Ltd (BHEL) for supply upgradation and refurbishment of oilfield equipment required for on-shore and off-shore applications . (HPCL) ties-up with ONGC to purchase LPG .Enters into contract with Gas Authority of India Ltd. -The company entered into strategic alliance with Indian Oil Corporation and set-up ONGIO Internatinal Pvt Ltd.Acquires 20% in gas project of Daewoo International in South Korea .Retains top most profit making Public Sector Company (PSU) status .ONGC ranked no. .Govt invites the company to join Haldia Petrochemicals Ltd. .Signs price pact with Indian Petrochemicals Corporation Ltd (IPCL) for Ethane and Propane removing the one of the last hurdles for privatisation of IPCL .ONGC strikes deal with refiners to sell crude at international prices .Gets membeship of Federation of Indian Chamber of Commerce & Industry (FICCI) . . With this order ONGCis expected to get around Rs 500 crore. 2002 .Government authorises the company to retail petrol & diesel .The board of directors of Oil and Natural Gas Corporation (ONGC) has approved the acquisition of the Aditya Birla group's stake in the joint venture Mangalore Refinery and Petrochemicals Ltd (MRPL).The Consortium of Cairn Energy Oil and Natural Gas Corporation andTata Petrodyne will invest about $300 million in development of Lakshmioil and gas field in Gulf of Khambat by 2008.Company dethrones Hindustan Lever Ltd.OIL AND Natural Gas Corporation (ONGC) won a two-decade-oldlitigation in the Supreme Court last week when it directed some 10industries in Gujarat to pay ONGC interest at the contracted rates onarrears retained by them during the long period. (HLL) to become India's largest company by market capitalisation . (GAIL) for supply agreements which include both customer end and supply end contracts.. (HPL) .ONGC decides to offer equity for international oil majors with which the company would enter into agreement for deep-water exploration.
Kicks off deep-water exploration programme .Bags 13 oil blocks under New Exploration Licensing Policy (NELP) .Finds oil and gas in four locations in offshore Mumbai Assam and Krishna Godavari basin ..Strikes huge oil and gas reserves west of its Bassein field in the Mumbai offshore region .ONGC Videsh ties up with Talisman Energy Inc of Canada for the purchase of 25 per cent interest in the Greater Nile project in Sudan with an oil reserve of 150 million metric tonnes 2003 .Hits oil and gas in deep-water exploratory block off the Andhra Pradesh coast .49% from 51.25% .ONGC Videsh Ltd.Enters into an MOU with Bharat Petroleum Corporation Ltd (BPCL) for supply of crude oil for a period of two years from April 01 2002 to March 31 2004 .Retains top spot in market cap in ET 500 .Gets the first consignment of its equity oil from the Greater Nile oil project in Sudan where ONGC Videsh Limited (OVL) has taken a 25 per cent stake .Discovers major oil and gas leads at five new locations ( Laiplingoan in the upper Assam basin and Kavitam in the KG basin . (MRPL) to 71.ONGC Videsh inks sales pact with Austria-based OMV Aktiengesellschaft for acquisition of the OMV Aktiengesellschaft's shares in two onshore exploration blocks in Sudan for a consideration of $115 million .Signs agreement with HPCL to supply crude oil .Hikes stake in Mangalore Refinery & Petrochemicals Ltd.onland B-22-5 in Mumbai offshore and GS-KW in the KG basin offshore) .Company ranked in FT Global 500 list .Strikes oil and gas in Rajasthan .Acquires 37.Ships Sudan oil to India the first ever shipment of Indian crude from a foreign field . (OVL) purchases 25% stake of Canadian Talisman Energy in Sudan oilfield for $771 million . (MRPL) .Transfers the operations and maintenance (O&M) of its three multi-support vessels (MSVs) Samudra Suraksha Samudra Sevak and Samudra Prabha to Shipping Corporation of India (SCI) .38% Equity Stake in Mangalore Refinery & Petrochemicals Ltd.Ends its two-year training and consultancy services joint venture with oil refining giant Indian Oil Corporation .Ties up with IOC for supply of crude oil .
-Unveils $1 billion deep water drilling campaign at Gulf of Kutch -The Cabinet Committee on Economic Affairs on December 18th approved award of five coal bed methane blocks for extracting gas from coal seams to state-run Oil and Natural Gas Corporation.-Cabinet asks ONGC to share part of subisdy onus on cooking fuels -Smt R D Barkataki Dr K R S Murthy Shri J Jayaraman and Jawahar Vadivelu ceased to be Navratna directors of the corporation. . Named Gobindapur 1 -The company entered into a Transaction & Strategic alliance with Cairn Energy Plc. -ONGC .Oil and Natural Gas Corporation (ONGC) and Bharat Petroleum Corporation (BPCL) signed an agreement to cooperate with each other through sharing of their core strengths for exploration and production and downstream oil refining and marketing. -Signed Memorandum of Understanding (MOU) for supply of crude oil with HPCL. -signed MoU with mangalore refinery and petrochemicals ltd for supplying crude oil -Commenced drilling in its 46th well in the Bengal basin.. As per the MoU ONGC will pick up 26 per cent equity and will be responsible for the infrastructure development of the SEZ. -The company joins with China Petro to buy oil equity. -Oil and Natural Gas Corporation has agreed to be an equity partner of Gujarat Industrial Development Corporation for setting up the Dahej Special Economic Zone in south Gujarat.The board has approved a proposal to invest Rs 900 crore in a five-million-tonne C2-C3 extraction plan -Finance Minister allows ONGC to buy Mangalore Refinery and Petrochemicals stake -ONGC decides to offer 32 marginal fields to private operators -ONGC permitted to set up methane plant at Dahej -Concept Comm bags biggest IPO offer in ONGC -Service Contracts awarded by ONGC for six marginal Oil Fields -ONGC launches the Deep-Water Campaign name "Sagar Sammridhi" . Shri U Sundararajan Rajesh V Shah and M Chitale have been appointed as Navratna directors.Disinvestment of 10% Equity by Government of India -BSNL signs MoU with ONGC 2004 -Market capitalisation crosses Rs 100 000 crore .
ONGC the upstream petro-biggie has decided to float a special economic zone (SEZ) at Dahej Gujarat in joint collaboration with the Gujarat Industrial Development Corporation (GIDC).26 crore shares at a cut-off price of Rs 750 per share -awards Rs 160 cr three year order to supply oil exploration equipment for BHEL -ONGC strikes oil in Bassein offshore field . -Oil and Natural Gas Corporation (ONGC) enters into separate memorandum of understandings (MoUs) with four leading service providers for value-based commercial alliance for efficiency in different sectors of exploration and production (E&P) activities -ONGC MoU with Schlumberger for value based commercial alliance -Oil and Natural Gas Corporation (ONGC) chairman and managing director Subir Raha has been conferred with the V Krishnamurthy award for excellence for 2004 -State-run exploration firm Oil and Natural Gas Corp (ONGC) has signed an agreement with Infrastructure Leasing and Financial Services (IL&FS) for setting up a gas-based power project in the North-East -PTC India Ltd (formerly known as Power Trading Corporation of India Ltd) has entered into an agreement with Oil and Natural Gas Commission for trading of the entire surplus from ONGC's existing generating units and new power projects to be set up all over the country -ONGC wins polymers extraction project -OVL acquires 55 pc holdings in Australian oil block -ONGC in ally with KSPL IL&FS to develop Kakinada SEZ -NLCL ties up with ONGC 2005 -ONGC clinches oil block deal in Nigeria . -ONGC Group sales breaches USD 10 Billion mark -The Oil and Natural Gas Corporation (ONGC) Ltd has discovered gas reserves at Khedabari village in Sonamura sub-division of West Tripura district with a production capacity of over two lakh cubic metre per day. -Oil and Natural Gas Corporation (ONGC) has tied up with the Indian Institute of Foreign Trade (IIFT) for launching a special MBA course in international business for its middle-level executives.-ONGC awards Rs 1 006 cr contract for Larsen & Toubro -Govt. The bonds carry a coupon rate of 5% for a five-year tenor. -The government on March 23 issued Rs 348.6 crore worth of fresh oil bonds to public sector oil companies ONGC and OIL. of India divests 10% stake in the company by selling 14.
-ONGC signs an agreement with CIL for coal mine gasification.-ONGC forays into retail market with launch of first outlet at Mangalore -Six ONGC geoscientists bag national mineral award -ONGC ties up with Hindujas for implementing LNG terminals . -ONGC internal audit bags ISO 9001 rating. Mittal group entered into two MoU to form two overseas joint ventures companies ONGC Mittal Energy Ltd (OMEL) and ONGC Mittal Energy Services Ltd (OMESL) -GMDC ONGC forge alliance for coal gassification project. -ONGC join hands with Rajasthan for Dholpur power project.Oil and Natural Gas Corporation (ONGC) enters into a MoU with Indian Airlines to take two aircraft on lease to meet its operational requirements.Oil and Natural Gas Corporation Ltd (ONGC) bags trophy from Asiamoney for `best deals of the year 2004'. -ONGC Finance Director gets award 2006 -ONGC ties up with Singareni -ONGC signs MoU with Maruti -ONGC inks deal with Halliburton to enhance oil production -Dutch IT co secures contract from ONGC -ONGC joins hand with MUL for vehicle lease. -ONGC signs MoU with IDE Infotech Ltd. . -Oil & Natural Gas Corporation Ltd (ONGC) has signed a Memorandum of Understanding (MoU) with the Ministry of Petroleum & Natural Gas agreeing on a set of Performance Parameters and targets for the financial year 2007-08.ONGC has forayed into a memorandum of understanding (MoU) with global oil major BP to collaborate in exploration and production (E&P) business in India and abroad.N. -ONGC Eni signs agreement to swap exploration blocks. 2007 -Oil and Natural Gas Corporation (ONGC) has signed a memorandum of understanding with Tatarska Geophysica Technologies (TGT) of Russia for increasing production of matured fields. . -Oil and Natural Gas Corporation and Mittal Investments Sarl one of the investment arms of the L. .
Sharma opined that ONGC is a very professionally managed company with strong fundamentals.Ongc achivement ONGC Bags NPMP Awards In Creativity And Finance ONGC News. Mr. . Mr. secured the individual award for excellence in “Creativity and Innovation”. 2003. who accords a high weightage to grooming behind one’s capability to innovate. Subir Raha. Mr. R S Sharma. Ashok Varma. Close on the heels of announcement of ONGC’s grand financial results for the 2002-03 fiscal. that ONGC has been awarded the NPMP recognition for the best financially managed public corporation in the petroleum industry. “Basically. a lot of which are available in ONGC for the creative people to innovate. Padam Singh. Mumbai. Ram Naik Talking to ONGC Reports after the award. “We just need to have confidence in us. Mr. The C&MD of the company with the highest market capitalization. comprising of Mr. receiving the NPMP award for Finance management from the Petroleum Minister Mr. Mr. Padam Singh and GM (P). a team of ONGC.” he observed. Ram Naik on July 3. the Corporation also received the NPMP award for excellence for finance management for 2001-02. bagged a certificate of recognition in the same category. R S Sharma said.” observed the innovator. one should work very hard to learn. “In the first few years of one’s service. Singh opined that one should look for opportunities. Director (Finance) Mr. Padam Singh. who is heading the IMPETUS project. While GM (P). our organization as a whole is our strength”. along with Director (Finance) Mr. This was the second consecutive year and the third year in all. 4th July 2003 ONGC’s production engineers dominated the stage in the “Creativity and Innovation” category of NPMP awards for 2001-02. which were distributed by the Petroleum Minister Mr. Mr. In a brief interview with ONGC Reports after receiving the prestigious award. believes that the secret of success in any business endeavour lies in teamwork.
designed inhouse. got the award for his improved design of separators at process platforms in the western offshore field of ONGC. and the consequent wastage of precious energy. Mr. Anjali Hazarika applaud. leading to better gas handling capacity. Mr. along with Mr. despite being rich in heavy hydrocarbons. Ashok Varma. Varma. Before this. The innovation is working successfully and is resulting in to recovery of naptha. Padam Singh. His partner for the team effort. the low-pressure gas from the surge tank was being flared. is more down to earth. remarked Mr. . while Addl. LPG and lean gas worth Rs 11 lakh per day. Apart from landing him the prestigious NPMP award. a petroleum engineer from ISM Dhanbad. at the Heera platform of ONGC for recovery of low-pressure gas using high-pressure gas as a motive fluid. “Observing the flaring of gas. his innovative design will lead to a saving of crores of rupees to the petroleum giant. have installed an ejector. Padam Singh. who.Padam Singh (extreme right) receiving the award from the Petroleum Minister. I started scouting for ideas from our day-to-day chores”. Secretary M S Srinivasan (second from left) and NPMP’s Director Dr. a Master of Chemical Engineering from the Roorkee University. He considers common sense as the recipe for creativity.
set-up in 1997. Oil India Ltd. is a learning and knowledge-creating network of oil industry organizations in India. especially after the dismantling of the Administered Pricing Mechanism (APM). National Petroleum Management Programme (NPMP). while Subir Raha (extreme left) and Petroleum Secretary B K Chaturvedi (second from left) witness the proceedings In the other categories. secured the award for Human Resource Management. recognize and encourage excellence among the enterprises of the petroleum sector. not only maintain the standards.The Minister congratulating Ashok Varma (extreme right) and Padam Singh for their team effort. while congratulating all the awardees. Earlier. He urged all the petroleum companies to. 10 Crore and 100 Crore. 100 Crore. the NPMP awards are an attempt to identify. . GAIL got the award for Project Management of projects costing more than Rs. Ram Naik. Deriving its agenda to enhance enterprise capabilities from the strategic needs of the industry. while Indian Oil Corporation was the awardee for Project Management in projects costing between Rs. the Petroleum Minister Mr. but also strive to reach greater heights in the future. expressed happiness over the performance of the petroleum industry as a whole in the last few years.
This action might not be possible to undo. Are you sure you want to continue?
We've moved you to where you read on your other device.
Get the full title to continue reading from where you left off, or restart the preview.