Oil & Natural Gas Corporation Ltd or ONGC is the flagship Oil & Gas Company of India. Formed on August 14, 1956 as the Oil & Natural Gas Commission with the singular strategic and national objective of ensuring India's energy security and incorporated on June 23, 1994, ONGC is a true energy company with interests that span not only across the entire hydrocarbon value chain but also in the emerging domains of renewable and alternative sources of energy. Awarded the Maharatna status in the year 2010 for its consistently impressive performance in the oil & gas sector and strong financial fundamentals, ONGC is the largest Public Sector Undertaking and the highest dividend paying company of the country.
Credited with the discovery of 6 out of the 7 producing basins of India and having established 7.59 billion tonnes of In-place hydrocarbon reserves with more than 320 discoveries of oil and gas, ONGC's enduring performance and its commitment to the cause of the country's energy needs substantiate well its preeminent stature not just in the hydrocarbon sector but also across India's industrial spectrum. And with its overseas arm ONGC Videsh Ltd or OVL, a wholly owned subsidiary, which has 33 properties across 15 countries across the world, ONGC has a strong and well-entrenched presence across the global energy market as well, and serves as a veritable testament to the country's economic growth story.
To sustain this significant growth story, more so in the face of country's growing energy demand concomitant with its economic rise, and to grow further as an integrated world energy major, ONGC has drawn up its blueprint for the next two decades ? Perspective Plan 2030, an ambitious roadmap that charts out objectives that cater not just to the company's pursuit of excellence in the industry with an eye on the ever-shifting global business paradigms but one which also sets out to answer the country's many pressing energy security concerns. ONGC's Perspective Plan 2030 aims at -2 times increase in hydrocarbon production, 3 times revenue growth and EBITDA (Earnings before interest, taxes, depreciation and amortization) in real terms, 4 times market capitalization (real terms), 5 shaping moves, and 6 times international growth.