Sharma intends to use MRPL to consolidate into downstream marketing activities, and perhaps even beat IOC at its own game. In fact, the initial experience, Sharma says, has been good with MRPL’s marketing activities (MRPL has been able to achieve the optimum capacity utilisation of 130% last year and also registered its highest-ever turnover of Rs. 427.19 billion). The second pillar of the triangulate strategy utilises OVL (ONGC Videsh Ltd) another wholly owned subsidiary focusing on overseas acquisition of oil fields. OVL currently has 40 projects operating in 16 countries across the globe; Sharma intends further (“We intend to further strengthen OVL as the future growth vehicle of ONGC,” says Sharma). The final pillar in ONGC’s future thrust is the focus on domestic drilling. Apart from the 28 discoveries last year, ONGC is also working on developing India’s eastern cost discoveries in an integrated manner in three phases starting from this year itself. Twelve wells have been planned to be drilled in the first phase and more than 35 wells in the subsequent phases.
But irrespective of all this, the fact is that ONGC has to still find a way of beating the oil price volatility the true blue way instead of through government subsidies. For taxes and death can be permanent, government subsidies never will be... For now, ONGC remains our number one!
But irrespective of all this, the fact is that ONGC has to still find a way of beating the oil price volatility the true blue way instead of through government subsidies. For taxes and death can be permanent, government subsidies never will be... For now, ONGC remains our number one!
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