That being said, increasing domestic output remains key to better mitigating the external supply risks and price volatility. It was conferred with 'Maharatna' status by the Government of India in November 2010. Tulsa billionaire George Kaiser owns and manages Kaiser-Francis Oil through GBK Corporation. At the time, ONGC employed 48,000 people and had reserves and surpluses worth ₹104.34 billion, in addition to its intangible assets. In 2006, a commemorative coin set was issued to mark the 50th anniversary of the founding of ONGC, making it only the second Indian company (State Bank of India being the first) to have such a coin issued in its honour. Consumption of petroleum products during March 2020 was 16.1 MMT as against 19.6 MMT in March last year. It engages in the exploration, development, and production of oil and natural gas. Oil import reliance has become a problem area for the country’s energy strategy. , Soon, after the formation of the Oil and Natural Gas Directorate, it became apparent that it would not be possible for the Directorate with its limited financial and administrative powers as a subordinate office of the Government, to function efficiently. decrease of 42.62%, mainly on account of substantial decrease of 49.77% in Profit After Tax. Includes modified extension pages (usually configuration pages). China was by far the biggest driver of this growth, accounting for more than three quarters of net global growth. But this growth was negated by the production cuts engineered by the OPEC+ group, led by Saudi Arabia, as well as the Iranian barrels that did not enter the market due to US sanctions. ONGC Videsh Limited, a Miniratna Schedule “A” Central Public Sector Enterprise (CPSE) of the Government of India under the administrative control of the Ministry of Petroleum & Natural Gas, is the wholly owned subsidiary and overseas arm of Oil and Natural Gas Corporation Limited (ONGC), the flagship national oil company (NOC) of India. Crude import bill for FY’20 was ` 7,166.27 billion (USD 101.38 billion) against ` 7,831.83 billion (USD 111.91 billion) during FY’19. In West Bengal, the Indo-Stanvac Petroleum project (a joint venture between the Government of India and Standard Vacuum Oil Company of USA) was engaged in exploration work. Since MSEZL is well connected by Air, Sea, Rail and Road, it offers excellent national and international logistics connectivity. November 17,2020; ONGC signed contracts for seven oil and gas blocks it had won in the latest bid round that saw scant participation from the private sector. MRPL, with its parent company Oil and Natural Gas Corporation Limited (ONGC), owns and operates ONGC Mangalore Petrochemicals Limited (OMPL), a petrochemical unit capable of producing 0.905 MMTPA of Para Xylene and 0.273 MMTPA of Benzene. It has developed a 726.6 MW CCGT thermal power generation project at Palatana in Tripura which supply electricity to the power deficit areas of the northeastern states of the country. It also marked the third year in a row that conventional exploration has been profitable.  During FY 2012–13, ONGC had to share the highest ever under-recovery of INR 89765.78 billion (an increase of INR 17889.89 million over the previous financial year) towards the under-recoveries of Oil Marketing Companies (IOC, BPCL and HPCL). It was a Joint Venture promoted by M/s Petronet India Ltd., and M/s Hindustan Petroleum Corp. Ltd. with 26% equity by each company. It was rechristened on 15 June 1989. ft. of working gas storage) in Steuben County, New York. 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