Why is it called Bombay High?
The naming of the field is attributed to a team from a survey run in 1965 analysed in the Rashmi building in Peddar Road, Cumballa Hill, Mumbai. The first offshore well was sunk in 1974.
Is ONGC good for long term?
ONGC’s share price has underperformed the benchmark over the past four years due to a decline in domestic oil & gas production. Due to lower production growth on a sustainable basis, despite cheaper valuations, the brokerage does not recommend that long term investors add the stock as it is a play on commodity prices.
What is the salary of ONGC?
| DESIGNATION | LEVEL | Pay Scale |
|---|---|---|
| Assistant (**)Officer/Assistant Engineer/Personal Secretary | E-0 | Rs.50000-160000 |
| Chief Superintendent/Senior Foreman | S-IV | Rs.32000-56000 |
| Senior Superintendent/Senior Foreman | S-III | Rs.28000-52500 |
| Superintendent/ Foreman | S-II | Rs.24000-48500 |
When was ONGC re-organized as a limited company?
As a consequence thereof, ONGC was re-organized as a limited Company under the Company’s Act, 1956 in February 1994. After the conversion of business of the erstwhile Oil & Natural Gas Commission to that of Oil & Natural Gas Corporation Limited in 1993, the Government disinvested 2 per cent of its shares through competitive bidding.
What is the government’s holding in ONGC?
Consequent to this the Government sold off 10 per cent of its share holding in ONGC to IOC and 2.5 per cent to GAIL. With this, the Government holding in ONGC came down to 84.11 per cent. In the year 2002-03, after taking over MRPL from the A V Birla Group, ONGC diversified into the downstream sector.
When did ONGC acquire majority stake in HPCL?
On 1 November 2017, the Union Cabinet approved ONGC for acquiring majority 51.11% stake in HPCL (Hindustan Petroleum Corporation Limited). On Jan 30th 2018, Oil & Natural Gas Corporation acquired the entire 51.11% stake of Hindustan Petroleum Corporation.
How did ONGC expand its equity by 2 per cent?
Subsequently, ONGC expanded its equity by another 2 per cent by offering shares to its employees. During March 1999, ONGC, Indian Oil Corporation (IOC) – a downstream giant and Gas Authority of India Limited (GAIL) – the only gas marketing company, agreed to have cross holding in each other’s stock.