Mission Statement, Vision, & Core Values (2025) of Oil and Natural Gas Corporation Limited.

An Overview of Oil and Natural Gas Corporation Limited

General Overview of Oil and Natural Gas Corporation Limited

Oil and Natural Gas Corporation Limited (ONGC) is a public sector company founded in 1956. It is headquartered in Dehradun, India, and is primarily engaged in exploring and exploiting oil and gas resources. ONGC is the largest producer of crude oil and natural gas in India and plays a crucial role in meeting the country's energy needs.

As of 2024, ONGC's product offerings include:

• Crude oil
• Natural gas
• Petrochemicals
• Renewable energy solutions

In the fiscal year 2023-2024, ONGC reported total sales of approximately INR 1,40,000 crore (around USD 17 billion), showcasing its vital role in the energy sector.

Financial Performance in Latest Financial Reports

In its latest financial report for the quarter ending March 2024, ONGC demonstrated remarkable growth, recording a revenue increase of 22% year-on-year. The company achieved revenue of INR 35,000 crore (approximately USD 4.3 billion) for the quarter. Key highlights include:

• Net profit for the quarter stood at INR 8,200 crore (about USD 1 billion), a 30% jump compared to the previous year.
• Crude oil sales contributed approximately INR 24,000 crore (USD 3 billion), marking a significant increase due to rising global oil prices.
• Natural gas sales accounted for about INR 10,000 crore (USD 1.2 billion), reflecting strong demand from both industrial and residential sectors.

ONGC's EBITDA margin improved to 28%, driven by operational efficiencies and cost management strategies.

Introduction to Company as a Leading Industry Player

ONGC stands as one of the leading companies in the global oil and gas industry. With a market capitalization of approximately INR 1,50,000 crore (around USD 18 billion), it ranks among the top oil companies worldwide. The company is also pursuing sustainability initiatives, investing in renewable energy sectors to adapt to the changing energy landscape.

To understand why ONGC remains successful amidst market fluctuations, consider its strategic expansions into new markets and investments in technology for enhanced oil recovery.

Mission Statement of Oil and Natural Gas Corporation Limited

Company's Mission Statement

The mission statement of Oil and Natural Gas Corporation Limited (ONGC) reflects its commitment to excellence in exploration and production of hydrocarbons, while also emphasizing sustainability and social responsibility. As one of the leading public sector oil and gas companies in India, ONGC aims to enhance its core operations in an economically viable and environmentally sustainable manner.

Core Component 1: Sustainable Development

ONGC is dedicated to sustainable development, integrating economic, environmental, and social aspects into its operational framework. This commitment is exemplified by their initiatives aimed at minimizing ecological footprints while maximizing operational efficiencies.

As of 2023, ONGC has reported a reduction in greenhouse gas emissions by 30% over the past decade, adhering to global environmental standards. The company has invested approximately ₹4,000 crore ($528 million) in sustainability projects, targeting renewable energy and carbon management systems.

Core Component 2: Stakeholder Engagement

Stakeholder engagement plays a critical role in ONGC's mission. The company prioritizes communication and collaboration with various stakeholders including customers, employees, and the communities in which it operates. This is essential for building trust and ensuring transparency.

In 2023, ONGC reported conducting over 500 stakeholder engagement sessions across its operational areas, leading to the assessment of community needs and concerns. The company’s CSR initiatives are funded at around ₹1,500 crore ($198 million) annually, reflecting its dedication to community welfare.

Core Component 3: Business Excellence

ONGC strives for business excellence through technology advancement and operational efficiency. The company's focus is on optimizing production and reducing costs to provide high-quality oil and gas products to its customers.

In FY 2022-23, ONGC's total crude oil production reached approximately 22.4 million tonnes while natural gas production was around 25.05 billion cubic meters. The company has implemented digital transformation strategies that have improved operational efficiencies by approximately 15% over the last fiscal year.

ONGC’s mission statement not only defines its purpose but also serves as a guiding compass for its strategies. The integration of sustainable practices, active stakeholder engagement, and a relentless pursuit of business excellence are pivotal for ONGC in achieving its long-term goals and maintaining its leadership position in the oil and gas sector.

Vision Statement of Oil and Natural Gas Corporation Limited

Vision of Oil and Natural Gas Corporation Limited

The vision statement of Oil and Natural Gas Corporation Limited (ONGC) is primarily centered around becoming a 'world-class, integrated energy company' dedicated to achieving sustainable development while ensuring energy security for India.

Global Leadership

ONGC aims to attain a position as a leading player in the global energy market. As of 2023, ONGC ranked in the 50 of the Global Fortune 500 list, with revenues of approximately $61.4 billion for the fiscal year 2022-2023. This reflects their commitment to enhancing their international presence and operational efficiencies.

Sustainable Development Goals

ONGC is committed to integrating environmental sustainability within its operations. In 2022, the company reported a reduction of 8% in greenhouse gas emissions per unit of production compared to the previous year. Their investments in renewable energy sources aim to generate 20% of their energy from renewables by 2030.

Innovation and Technology

Innovation is a cornerstone of ONGC's vision. The company has increased its R&D investment to approximately ₹1,000 crores (about $120 million) in 2022-2023, focusing on advanced drilling technologies and enhanced oil recovery methods, aiming for a 10% increase in recovery rates by 2025.

Energy Security for India

ONGC plays a vital role in ensuring energy security for India by maintaining a significant portion of the country’s oil and natural gas production. As of 2022-2023, ONGC accounted for approximately 70% of India's total crude oil production and about 58% of the natural gas production, reinforcing its strategic importance in the national energy landscape.

Human Resource Development

ONGC's vision includes the commitment to developing a skilled workforce. The company has set a target to increase employee training hours by 15% annually, with a focus on leadership skills and technological proficiency, ensuring that employees are well-equipped for future challenges.

Core Values of Oil and Natural Gas Corporation Limited

Integrity

Integrity is a foundational core value for Oil and Natural Gas Corporation Limited (ONGC). It signifies adherence to moral and ethical principles, leading to trust and credibility in all operations.

In 2023, ONGC achieved a 4.4% increase in its overall CSR spending, which totaled approximately INR 1,320 crore. This commitment demonstrates transparency and ethical engagement with stakeholders.

ONGC has implemented the 'Integrity Pact,' a program designed to prevent corruption and ensure fair practices in procurement. In 2022, the company reported that over 90% of contracts were awarded through this initiative.

Excellence

Excellence represents the pursuit of superior quality and continuous improvement within ONGC's operations and services. The company’s focus on excellence is reflected in its high operational efficiency metrics.

In FY 2022-23, ONGC's average production stood at 22.6 million metric tons of crude oil, representing a 2.5% increase from the previous year. This improvement underscores the commitment to operational excellence.

Furthermore, ONGC's investments in advanced technology have led to the installation of 40 offshore platforms equipped with state-of-the-art digital monitoring systems, enhancing performance accuracy.

Innovation

Innovation drives ONGC’s growth strategy, focusing on adopting cutting-edge technologies to enhance oil exploration and production processes. The company has committed to investing in research and development.

In 2024, ONGC allocated INR 500 crore towards R&D initiatives. This investment is aimed at developing new extraction technologies, including subsea engineering, which holds the potential to increase recovery rates by up to 15%.

In partnership with various tech startups, ONGC has piloted several initiatives, including the use of AI for predictive maintenance. Initial results show a reduction in downtime by 10%, proving the effectiveness of this innovative approach.

Sustainability

Sustainability is crucial for ONGC as it strives to minimize its ecological footprint while ensuring energy security. The company's sustainability initiatives are integrated into its core operations.

As part of its sustainability goals, ONGC aims to reduce greenhouse gas emissions by 30% by 2030. In 2023, ONGC’s emissions were reported at 25.6 million tons, indicating a need for continued focus.

Additionally, ONGC has invested INR 350 crore in renewable energy projects, with plans to generate 1 GW of solar power by 2025, positioning itself as a key player in the green energy transition.

Safety

Safety is an essential core value for ONGC, emphasizing the protection of its employees, operational integrity, and environmental responsibility. The company continuously implements comprehensive safety protocols.

In 2023, ONGC recorded a 15% reduction in workplace incidents compared to the previous year, showcasing effective safety training and auditing processes. Employee engagement in safety programs has risen to 95%.

Moreover, ONGC spent approximately INR 100 crore on safety training and state-of-the-art protective equipment, exceeding industry standards to ensure a secure working environment.