Yes, Oil & Natural Gas Corporation Limited or ONGC is a government company. It is an Indian Central Public Sector Undertaking holding Maharatna Status, which is under the administrative control of Ministry of Petroleum and Natural Gas, Government of India. Founded on 14th August 1956, ONGC is the largest crude oil and natural gas exploration and production company in India. It is the only Indian public sector company to feature in the Fortune List of ‘Most Admired Energy Companies’.
The Government of India holds approximately 58.89% stakes in ONGC. The remaining stakes are held by institutional investors and public shareholders. The company is often described as the “energy anchor” of India.
Here is a quick overview of ONGC
| Details | Info |
| Founded | 14th August 1956 |
| Founder | Government of India |
| Headquarters | New Delhi, India |
| CEO | Arun Kumar Singh |
| Industry | Oil and Gas |
| Products | Petroleum, Natural Gas, LNG, Lubricants, Petrochemicals, Electricity |
| Owner | Government of India |
| Subsidiaries | Hindustan Petroleum, Imperial Energy Corporation, Petronet LNG |
Company History
Prior to independence from British rule in 1947, oil production in India was in the domain of private companies like Assam Oil Company and Attock Oil Company. In the year 1955, the Government of India established the Oil and Natural Gas Directorate to explore and exploit petroleum resources. It was upgraded to Oil and Natural Gas Commission on 14th August 1956.
In October 1959, ONGC became a full statutory body with broader responsibilities, including exploration, production and sale of oil and natural gas. The first significant oil discovery made by the company was in Cambay Basin, Gujarat in 1958-59. In the year 1974, ONGC made its landmark Mumbai High Oilfield discovery.
ONGC became a public limited company in the year 1994. It expanded globally through its foreign division, ONGC Videsh Limited, with major investments in Sudan, Mozambique, Vietnam, Russia, Colombia and Venezuela. In the year 2003, ONGC entered the downstream sector by acquiring Mangalore Refinery and Petrochemicals Limited.
ONGC acquired 51.11% stakes in Hindustan Petroleum Corporation Limited in the year 2018.
Current Status
ONGC contributes around 75% of India’s crude oil and around 56% of natural gas production. The company’s domestic operations are centred on 11 oil and gas producing properties, 7 basins and 2 plants. It is pursuing exploration in deep-water and ultra deep-water areas like Krishna-Godavari Basin and Andaman Basin.
ONGC Videsh Limited, the foreign arm of ONGC, is currently running 38 projects across 17 countries in Latin America, Africa, Middle East and Far East.
Future Outlook
ONGC is positioning itself for a steady growth in the upstream sector, with a focus on deep-water exploration, production stabilisation, strategic partnerships and a gradual shift towards energy transition. The company is looking to modestly increase domestic crude oil production to around 22 million tonnes in FY 2026-27.
