The 66 Republic Day was celebrated with enthusiasm at the Oil and Natural Gas Corporation limited headquarters on Monday. Speaking on the occasion, the Chairman and Managing Director of the ONGC, D K Sarraf, said that the fundamental duties listed in the Constitution enshrine the expectations of the nation from us.
He said that our constitution is full of dynamism, which is our strength and guiding light for the future. Sarraf called upon the ONGC staff to rededicate them to the task of making the nation energy secure. He said that that the global energy environment has changed dramatically in a matter of months, especially with crude prices having plunged by more than half from their levels in June 2014. “At the moment, the price dips seem almost incessant forcing companies across the world to redraft their strategies. It requires incredible adaptability, knowledge that is constantly updated and openness to new ideas to negotiate such difficult times that are marked by high degree of uncertainty,” the CMD said.
Highlighting the International Recognitions of ONGC, Sarraf said that as per Platts Global survey 250, 2014, ONGC is Top Energy Company of India, which is fifth in Asia and 21st globally. He informed that in the latest ratings of transparency international, the company is ranked 26, which is 13 notches up from last time.
Talking about the performance of ONGC in 2014, CMD, said that the gross earnings of the company was the highest ever at Rs84,201 crore and the Reserve Replacement Ratio was in excess of one for the ninth consecutive year. On the production front, the CMD informed that performance of Mumbai High, NBP, Cluster-7 and B-193 fields are very impressive. He said that the company has already made 16 discoveries this year surpassing last year’s number of total 14 discoveries. Sarraf said that ONGC Videsh registered a 15 per cent increase in its production this year.