Title: OIL AND NATURAL GAS CORPORATION LIMITED
Date Of Issue: 14-Aug-2006
Denomination: 500(Ps)
No/Issue Sheet: 35
Printing Process: Photogravure
Nos. Printed: 6.5 Million
Printer: India Security Press, Nashik
Oil and Natural Gas Corporation Limited (ONGC) is a leading national oil company of India engaged mainly in exploration , development and production of crude oil, natural gas and some value added products such as liquefied Petroleum Gas(LPG),Naphtha etc. During the pre-independence period, the Assam Oil Company in the north-eastern and Attock Oil Company in north western part of the undivided India were the only oil companies producing oil in the country, with minimal exploration input. The major part of the Indian sedimentary basins was deemed to be unfit for development of oil and gas resources. After independence, the Government realized the importance of oil and gas forrapid industrial development and its strategic role in the defence. Consequently, during framing of the industrial policy statement of 1948 the development and its strategic role in defence. Consequently,duing framing of the industrial policy statement of 1948, the development of petroleum industry in the country was considerd to be utmost necessity. In 1955 Oil and Natural Gas Directorate was set up to develop the oil and natural gas resources in the various region of the country as part of the public sector development. ONGC was converted into public limited company in June 1993 and was reorganized as a limited company under the Companies Act 1956 in February 1994. ONGC's wholly owned subsidiary ONGC Videsh Limited (OVL) is the biggest Indian multi-national, with 18 oil and gas properties in 14 countries. ONGC is committed to maintaining high standards of occupational health, safety and environmental protection. It has also well equipped crisis management teams. The Department of Posts is proud to issue a commemorative postage stamp on Oil and Natural Gas Corporation Limited.
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