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Oil and Natural Gas Corporation is the full form of ONGC. It is an Indian multinational oil and gas company headquartered in New Delhi, India. ONGC is a public sector project under the administrative control of India's Ministry of Petroleum and Natural Gas. On August 14, 1956, the Government of India created ONGC.
History of ONGC
- After India gained independence, the Indian government recognized the importance of gas and oil for the expansion of Indian companies and thus decided to develop the hydrocarbon sector.
- In 1955, the Department of Petroleum and Natural Gas was established under the Ministry of Natural Resources and Scientific Research to improve the production of natural gas and oil in the country.
- The Indian Parliament passed the Industrial Policy Resolution in 1956 and included the oil and gas sector among the 'A' list industries. The Oil and Gas Directorate has now been elevated to the Oil and Gas Board.
- ONGC was restructured as a limited company under the Companies Act, 1956. It became a public utility and was renamed as "Oil and Natural Gas Corporation (ONGC)".
- In 1999, ONGC and Indian Oil Corporation (IOC) agreed to buy shares to expand their domestic and international sectors.
- ONGC created ONGC Videsh Ltd. (OVL) as its subsidiary to enter the global market in 2002-03.
Various products of ONGC
The various products of Oil and Natural Gas Corporation are mentioned below:
- Crude Oil
- Natural Gas
- Motor Spirit
- Aromatic Rich Naphtha
- Superior Kerosene Oil
- LPG (Liquefied Petroleum Gas)