Oil and Natural Gas Corporation Current Affairs - 2019

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ONGC CMD honoured with Distinguished Fellowship of IOD 2019

Shashi Shanker, the Chairman and Managing Director (CMD) of Oil and Natural Gas Corporation (ONGC) was honoured with Distinguished Fellowship of Institute of Directors (IOD), 2019 during 29th Institute of Directors (IOD) Annual Day Ceremony held in New Delhi.

Key Highlights

The prestigious Fellowship honour was conferred to Shanker in appreciation of his distinguished contribution to business and society.

Apart from Shanker, two more fellowships were also conferred. The other two recipients are-

(1) Durga Shankar Mishra, Secretary, Ministry of Housing & Urban Affairs.

(2) M Sumanta Chaudhuri Secretary, Ministry of Coal

The honour was bestowed upon fellowship recepients by Hardeep Singh Puri, Union Minister of Housing and Urban Affairs, Civil Aviation and Trade and Commerce.

About Distinguished Fellowship of Institute of Directors (IOD), 2019

The 2019 Fellowships were decided by a jury led by Justice M N Venkatachaliah, former Chief Justice of India (CJI). He is also the former Chairman of the National Human Rights Commission (NHRC) of India and National Commission for Constitution of India Reforms (NCCIR).

Institute of Directors (IOD) trains Directors on corporate Boards and gives Golden Peacock Awards to corporates for 15 different corporate functions.

Theme of 2019’s IOD Annual Day Ceremony‘Future Boards: Leading Strategy to Embrace Sustainability’

ONGC overtakes India Oil Corp as Most Profitable PSU

The Oil and Natural Gas Corporation (ONGC) overtook India Oil Corporation (IOC) by regaining crown of being India’s most profitable Public Sector Undertakings (PSU).

Key Highlights

  • In the previous two financial years (2016-17 and 2017-18) ONGC had lost the most profitable PSU tag to IOC.
  • In fiscal year 2018-19, ONGC’s net profits increased by 34% to Rs.26,716 crore in comparison to it IOC registered a net profit of Rs.17,274 crore for fiscal year ended March 31, 2019.
  • In Financial year 2018-19 IOC also lost its title of being India’s largest company by turnover tag to Mukesh Ambani led Reliance Industries. It was because IOC’s refining margins were under pressure due to falling oil prices. Thus with a 44% rise in revenue, RIL is now India’s biggest firm in terms of revenue, profit and market capitalisation.

About ONGC

  • It is a state owned multinational oil and gas company earlier headquartered in Dehradun, (Uttarakhand) now headquartered in Vasant Kunj, Delhi.
  • It is a Public Sector Undertaking (PSU), under administrative control of Union Ministry of Petroleum and Natural Gas.
  • It is India’s largest oil and gas exploration and production company which global rank of 11 among the Top 250 Global Energy Companies (by Platts).
  • It produces about 62% of India’s natural gas demand 70% of India’s crude oil demand which is equivalent to around 30% of India’s total demand.