Oil and Natural Gas Corporation Limited (ONGC) (NSE: ONGC, BSE: 500312) is an Indian state-owned oil and gas company headquartered at Dehradun, India. It is a Fortune Global 500 company ranked 413,[2] and contributes 77% of India's crude oil production and 81% of India's natural gas production. It is the highest profit making corporation in India, according to filings with the BSE of latest quarter results External Link. It was set up as a commission on 14 August 1956. Indian government holds 74.14% equity stake in this company.

ONGC is one of the Asia's largest and most active company involved in exploration and production of oil.[3] It is involved in exploring for and exploiting hydrocarbons in 26 sedimentary basins of India. It produces about 30% of India's crude oil requirement. It owns and operates more than 11,000 kilometres of pipelines in India. It is one of the highest profit making companies in India. In 2010, it stood at 18th position in the Platts Top 250 Global Energy Company Rankings.[4]

A turning point in the history of India’s oil sector was in 1994. While the oil sector was on the backburner of India's political realm for some time, is was brought to the forefront by the privatization of India's leading oil E&P organization, the ONGC. Simultaneously, there were steps taken for the enhancement of production on the Bombay High oil fields as the result of a INR 150 billion development investment.

One of Asia's largest oil E&P companies, ONGC became a publicly held company as of February 1994, following the Indian government's decision to privatize. This privatization was conceived and achieved (sweat equity) to a great extent by ONGC’s influential Association of Scientific and Technical Officers (ASTO) – spearheaded by the then Bombay top executives Ganesh P. Shahi and Amarjit S. Jowandha (DGM and Head - Management Services Group too) who worked closely with the then ONGC CMDs S. K. Manglik and S.L. Khosla, IAS and with Dr. Vijay Kelkar, Secretary, Ministry of Petroleum & Natural Gas, Government of India, among others. Amarjit S. Jowandha was able to usher in change from his imbibed learnings, inter alia, from his alma mater University of Bombay [Jamnalal Bajaj Institute of Management Studies (also referred to as JBIMS or just Bajaj]. Eighty percent of ONGC assets were subsequently owned by the government, the other 20% were sold to the public. At this time, ONGC employed 48,000 people and had reserves and surpluses worth INR 104.34 billion, in addition to its intangible assets. The corporation's net worth of INR 107.77 billion was the largest of any Indian company.

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