HPCL acquisition to make ONGC third largest refining company

HPCL acquisition to make ONGC third largest refining company

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The acquisition of 51.11% equity share of Government of India in HPCL is slated to make ONGC the third largest refining power in the country, said Mr DD Misra, Director (HR), ONGC during the Republic Day celebrations at ONGC Corporate Headquarters, Dehradun.

With this, ONGC is set to become India’s first fully vertically integrated Energy Company with presence across the entire hydrocarbon value chain, he said.

Mr Misra was speaking in the capacity of officiating CMD, in place of Mr Shashi Shanker, who is representing India as part of a high level delegation at the World Economic Forum in Davos. “We are geared up to contribute in achieving Hon’ble Prime Minister’s vision of 10% reduction in energy imports by 2022”, he said.

The capacity increase from acquisition of HPCL would contribute to ONGC’s downstream kitty of MRPL, that registered its highest ever throughput of 16.57 MMT.

This combined with ONGC’s other value multiplier projects such as ONGC Petro additions Ltd (OPaL), ONGC Mangalore Petrochemicals Ltd (OMPL) and ONGC Tripura Power Company (OTPC) that are all fully operational, would consolidate ONGC’s presence in the downstream hydrocarbon sector.

The company is also consolidating its upstream presence by adding more reserves in the proven reserve base. “By working expeditiously on the Kutch-Saurashtra basin, ONGC will be shortly adding the 8th producing basin to India’s oil and gas map. This will be a moment of pride for all ONGCians”, Mr Misra informed.

Besides, the company is also actively engaged in National Seismic Programme and Hydrocarbon assessment missions.

“We performed well during 2016-17 and are continuing with the same zeal in 2017-18”, he said, adding that the company has done extremely well on onshore crude production as well as Natural Gas production. “Continuing with strong performance in first 9 months of this fiscal, our crude production is 16.892 MMT – 1.5% more than the previous period”, he said.

Mr Misra also shared that the Natural Gas output in FY’17 also witnessed a growth of 4.29% at 22.09 BCM. “During first 9 months of this fiscal, Natural Gas production has been higher by 7.9% as compared to same period in 2016-17”, he added.

Over the past three years, ONGC’s Board has approved projects worth over Rs 78,000 crore that would lead to additional hydrocarbon output of over 180 MMToe.

The Republic Day was observed all across ONGC workcenters with homage paid to the five officers who recently lost their lives in a chopper accident in Mumbai offshore.
“In this hour of tragedy, while the loss is irreparable, the biggest tribute to these martyrs would be our firm resolve to go beyond the call of duty- always and every time”, Mr Misra said. The Director HR also said that the ONGC management has initiated several actions to help their families cope with such a colossal loss.