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Transcript of Group 7 Corporate Hero
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Oil &Natural
Gas
CorporatiP a g e | 1
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onLimited
(ONGC)A Corporate Hero
Presented by:
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Group 7
ID Name EmailContactNo.
001/1
AbhinavSharma
9199395249
016/1 Birma Ram
7250239925
017/1
ChandanGupta
9162543021
020/
1
Ekansh
Kumar
hi.ac.in
9570058
169
Contents
S.
No.Topic
Pag
e
1. Vision & Mission statements 3
2. Introduction 4
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mailto:[email protected]:[email protected]:[email protected]:[email protected]:[email protected]:[email protected]:[email protected]:[email protected]:[email protected]:[email protected]:[email protected]:[email protected]:[email protected]:[email protected]:[email protected]:[email protected] -
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3. Historical Background 5
4. Indian Oil & Gas Industry 13
5. SWOT Analysis 15
6. Financial Analysis 16
7. References 18
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1. Vision & Mission Statements
Vision
To be a global leader in integrated energy business through
sustainable growth, knowledge excellence and exemplary governance
practices.
Mission
Stay dedicated to excellence by leveraging competitive
advantages in R&D and technology with involved people.
Imbibe high standards of business ethics and organizational
values.
Abide to commitment to safety, health and environment to
enrich quality of community life.
Foster a culture of trust, openness and mutual concern to make
working a stimulating and challenging experience for our people.
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Strive for customer delight through quality products and
services.
Focus on domestic and international oil and gas exploration and
production business opportunities.
Provide value linkages in other sectors of energy business.
Create growth opportunities and maximize shareholder value.
Retain dominant position in Indian petroleum sector and
enhance India's energy availability.
1. Introduction
In its fifty five years of existence, Oil and Natural Gas Corporation
Limited (ONGC) continues to be the highest profit making corporation
in India. (Source: BSE Stock Reach). At the time of Independence, the
entire Indias oil production was just 250,000 tonnes per annum from
the International Oil companies in Assam. In 2010, ONGC itself has
produced 24.67 Million tonnes which is about 77% of India's crude oil
production (Source: ONGC Annual report). Apart from Oil, ONGC has
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also been pivotal in the gas production sector. In 2010, they produced
23.11 Million tonnes of Gas, which accounted for about 81% of India's
natural gas production.
Thus, ONGC has been playing an important role to meet the energy
requirements of the country and meet the rapidly growing demand for
petroleum products in the country. A lot of initiatives and planned
measures have helped both India and ONGC reach this stage. Let us
first discuss the developments in the sector over the past before
discussing the strategic intent in the context of ONGCs strengths and
weaknesses.
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2. Historical Background
India is the sixth largest consumer of oil (Source: Energy Information
Administration Country Analysis Briefs). There is a huge demand-
supply gap in oil and gas in India. The country imports more than 70%
of its crude oil requirement.
Prior to independence, there were two companies in India involved in
the exploration of oil - the Assam Oil Company in the North-Eastern
region and the Attock Oil Company in the North-Western region. Both
companies had meager oil exploration outputs as major parts of India
were deemed unfit for exploration of oil and gas resources.
After independence, the Government of India realized the importance
of developing the oil and gas sector to achieve rapid industrialization.
Under Industrial Policy Resolution (1954), the Government of India
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categorized Petroleum as a core industrial sector. In the 1950s, private
oil companies carried out exploration of hydrocarbon resources in the
country. However, a large portion of offshore regions remained largely
unexplored. Therefore, the Government of India decided to explore oil
and natural gas resources in various regions of the country.
This resulted in the formation of the Oil and Natural Gas Directorate at
the end of 1955, as a subordinate office under the then Ministry of
Natural Resources and Scientific Research. The department was
constituted with a team of geoscientists from the Geological Survey of
India.
However, soon after the Directorate's formation, it became evident
that it would not be possible for the new body to function efficiently
due to limited financial and administrative powers. In August 1956, the
Directorate was raised to the status of a Commission with enhanced
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powers. However, it continued to be under Government of India
control.
In October 1959, the body received further elevation, both in status
and powers, with the Commission being converted into a statutory
body by an act of Parliament. This act came to be known as the ONGC
Act in 1959. According to the act, Oil and Natural Gas Commission's
main functions were, "to plan, promote, organize and implement programs
for the development of Petroleum Resources and the production and sale of
petroleum and petroleum products produced by it, and to perform such other
functions as the Central Government may, from time to time, assign to it".
With the discovery of Mumbai High (formerly Bombay High) in 1974,
establishment of the new oil province in Cambay basin (Gujarat) along
with various subsequent discoveries of huge oil and gas fields in both
western and north-eastern regions of the country, ONGC has been
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pivotal in changing the oil scenario of India. One of the biggest
achievements of ONGC is that it became self reliant at a very early
stage through the discovery of 5 billion tonnes of hydrocarbons. In
1992, ONGC undertook exploitation of CBM (Coal Bed Methane: A form
of natural gas extracted from coal beds) potential in Damodar valley.
As a consequence of the liberalized economic policy, adopted by the
Government of India in July 1991, sought to deregulate and de-license
the core sectors (including petroleum sector), ONGC was re-organized
as a limited Company under the Company's Act, 1956 in February
1994. After conversion of business of the erstwhile Oil & Natural Gas
Commission to that of Oil and Natural Gas Corporation Ltd, two
percent of shares through competitive bidding were disinvested.
Further expansion of equity was done by two percent share offering to
ONGC employees
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To strengthen reserves accretion portfolio and open up areas of future
exploration, ONGC has undertaken an Accelerated Program of
Exploration (APEX) with an outlay of Rs 3958 Crores. The main
objectives of APEX were enhancement in seismic surveys,
enhancement in exploratory drilling, national seismic program,
exploration in frontier areas and acquisition of foreign acreage.
ONGC has assimilated various technologies in the field of
hydrocarbons explorations and exploitation. The Company owns
Dornier-228 aircraft, Chetak helicopter, offshore supply vessels and
geo-technical survey vessel. It has 2 central workshops located at
Baroda & Sibsagar, 7 project workshops and 11 auto workshops
located at various project sites employing multifarious equipments and
machinery. It has also state-of-the-art communication systems both
terrestrial and satellite based for meeting operational & MIS
requirements of onshore & offshore.
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The Company embarked upon exploration in the deep sea basin on the
East and West Coast of the country. The interpretation of Seismic data
acquired in the deep water offshore areas led to identification of a
number of prospects in Krishna-Godavari, Cauvery, Kerala-Konkan &
Kutch basins.
In 1996, ONGC established a subsidiary ONGC Videsh Limited (OVL),
completely owned by ONGC that looks for exploration opportunities in
other parts of the world. Through OVL, ONGC has taken up joint
venture projects in the fields of exploration, development and
production in seven countries: the United States, Russia, Vietnam,
Yemen, Tunisia, Egypt and Kazakshtan.
By 1997, The Institute of Oil and Gas Production Technology (IOGPT),
a premier research and development institute of ONGC, became ISO
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9001 certified, for design development and consultancy including lab
study and training for hydrocarbon production, processing and
refining.
ONGC holds 40% participating interest in three joint venture contracts
for development of Ravva, Panna-Mukta and Mid & South Tapti. It
joined hands with Royal Dutch Shell group to help revive production at
the Neelam oil field, with PGS Ocean Bottom Seismic for a 3-D ocean
bottom cable technique seismic survey over the Mumbai High field and
with Indian Petrochemicals Corporation Ltd (IPCL) for the supply of
nearly 570,000 tonnes per year of feedstock for its 400,000 ton
ethylene cracker at Nagothane.
The government, in order to increase exploration activity, approved
the New Exploration Licensing Policy (NELP) in March 1997 to ensure
level playing field in the upstream sector between private and public
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sector companies in all fiscal, financial and contractual matters. This
ensured there was no mandatory state participation through ONGC nor
there was any carried interest of the government. However, ONGC has
bagged 120 of the 238 Blocks (more than 50%) awarded in the 8
rounds of bidding, under the New Exploration Licensing Policy (NELP)
of the Indian Government.
Another big leap was taken in March 1999, when ONGC, Indian Oil
Corporation (IOC) and GAIL (Gas Authority of India Ltd. the only gas
marketing company) agreed to have cross holding in each others
stock. Consequently the Government sold off 10 per cent of its share
holding in ONGC to IOC and 2.5 per cent to GAIL. With this, the
Government holding in ONGC came down to 84.11 per cent. The
Government also gave its approval for import of LNG & setting up
appropriate LNG terminals to meet the demand for gas in the country.
More than three hundred forty million shares were issued to the
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President of India, more than a billion equity shares were issued as
bonus shares and about six to seven million equity shares were
disinvested.
A major fire broke out at the gas well in the western offshore, about 35
km from Bombay High on 12th March 1999. It was the first ever fire at a
gas producing well in India. ONGC pumped in more than Rs 8,500
Crores to redevelop the field from 2001.
In 2002-03 ONGC took over Mangalore Refinery and Petrochemicals
Limited (MRPL) from the A. V. Birla Group. With this takeover, ONGC
diversified into the downstream sector and announced its entry into
the retailing business. It took authorization from the Government to
retail petrol & diesel, entered into contract with GAIL for supply
agreements which included both customer end and supply end
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contracts and with IOCL for supply of crude oil. Hindustan Petroleum
Corporation Ltd. (HPCL) also tied-up with ONGC to purchase LPG.
It acquired 20% in gas project of Daewoo International in South Korea
and dethroned Hindustan Lever Ltd. (HLL) to become India's largest
company by market capitalization. It even became a member of
Federation of Indian Chamber of Commerce & Industry (FICCI).
Meanwhile, OVL purchased 25% stake in Greater Nile project in Sudan
from the Talisman Energy Inc of Canada with an oil reserve of 150
million metric tonnes for USD 771 Million and shipped Sudan oil to
India, the first ever shipment of Indian crude from a foreign field. It
even bought Austria-based OMV Aktiengesellschaft's shares in two
onshore exploration blocks in Sudan for a consideration of USD 115
million.
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3. Indian Oil & Gas Industry
As part of the effort to reduce oil imports and promote the oil
production and oil exploration activities, the Ministry of Petroleum and
Natural Gas created the New Exploration License Policy (NELP) in 2000.
It was a part of the oil reforms on India, allowing 100% FDI in oil and
natural gas projects.
However, most of the oil industry, both upstream as well as
downstream is dominated by the state-owned entities. Although, the
share of the private players has increased in the recent past, the
foreign players are relatively very few.
There are two stages in the energy value chain, upstream (exploration
and production) and downstream (refining and marketing). After
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extracting crude oil from the reserves, it is processed to yield various
petroleum products, which are then marketed.
ONGC and Oil India dominate the upstream segment contributing 85%
to India's total oil production. In the downstream segment, major
players include IOC, HPCL, BPCL and Reliance. Independent refineries
have now become subsidiaries of these bigger players. There are a
total of 20 refineries in the country comprising 17 in the public sector
and 3 in the private sector with a combined refining capacity of 178
Million tonnes per year. IOC dominates the refining capacity with a
total share of nearly 27% of the current refining capacity.
ONGC is the major producer of natural gas accounting for 60% of
domestic production. RIL's KG basin fields have also become a major
contributor. GAIL is the monopoly player in the transmission and
distribution of natural gas, accounting for about 79% of the supplies.
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However, the country still witnesses shortage in supply of natural gas.
In spite of huge discoveries made by RIL in KG basin, the demand
growth will outperform the supply growth for some time to come
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4. SWOT Analysis
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5. Financial Analysis
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010
PBIDT to Turnover
(%)
54.2
0
54.1
0
53.8
0
55.0
0
52.2
0
57.4
0
51.9
0
51.2
0
49.1
0
60.6
0
PBDT to Turnover
(%)
56.1
0
57.3
0
57.2
0
58.2
0
54.8
0
60.0
0
55.4
0
56.9
0
55.3
0
64.0
0
Profit Margin (%) 21.5
0
26.0
0
29.8
0
26.3
0
27.5
0
29.2
0
26.5
0
27.1
0
24.8
0
27.1
0
Contribution to
Exchequer to
Turnover (%)
45.9
0
45.6
0
54.0
0
51.2
0
48.3
0
47.3
0
48.5
0
48.8
0
43.1
0
45.3
0
ROCE (PBIDT to
Capital Employed)
(%)
42.4
0
39.2
0
54.0
0
45.8
0
58.8
0
57.5
0
56.7
0
52.0
0
49.9
0
50.9
0
Net Profit to Equity
(%)
17.3
0
21.0
0
29.6
0
21.7
0
28.0
0
26.9
0
25.5
0
23.9
0
20.7
0
19.4
0
Current Ratio 2.89 2.62 2.45 2.79 2.62 3.08 2.77 2.47 2.26 2.38
Debt Equity Ratio
(%)
14.0
00
10.0
00
1.00
0
1.00
0
0.30
0
0.20
0
0.10
0
0.10
0
0.03
0
0.00
6
Debtors Turnover 26.0 34.0 41.0 26.0 29.0 27.0 17.0 26.0 23.0 19.0
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Ratio(Days) 0 0 0 0 0 0 0 0 0 0
Earnings Per Share
(Rs.)
36.7
0
43.5
0
73.8
0
60.8
0
91.0
5
101.
2
73.1
4
78.0
9
75.4
0
78.3
9
Dividend (%) 110.0
140.0
300.0
240.0
400.0
450.0
310.0
320.0
320.0
330.0
Book Value Per
Share(Rs.)
211.
0
207.
0
250.
0
281.
0
325.
0
376.
0
287.
0
327.
0
365.
0
404.
0
Profit & Loss Account
2010 2009 2008 2007 2006 2005 2004 2003 2002 2001
REVENUES
Sales
Crude Oil445,0
53397,7
18386,8
05372,0
90317,3
57311,8
24222,1
24244,1
31137,1
15141,5
38
Natural Gas73,79
775,52
871,78
072,11
366,70
153,20
652,03
949,98
649,44
649,75
6
LPG21,92
422,75
220,16
814,86
616,29
312,06
616,35
219,08
711,47
314,16
1
NGL/AromaticRich Naphtha
47,137
48,406
43,849
37,097
35,679
29,260
22,538
22,035
18,782
18,554
Ethane/Propane10,24
9 9,890 9,291 9,095 7,401 5,705 4,779 5,837 4,082 4,359SuperiorKerosene Oil 3,256
16,701
10,775
15,754
10,605
16,896 2,658 3,188 1,731 1,616
HSD 15661,91
048,62
142,03
723,40
329,27
7 85 80 0 0
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Motor Spirit 2711,06
2 9,159 4,530 3,797 6,846 0 0 0 0
Others 463 1,526 925 634 617 1,434 1,060 995 766 522Price RevisionArrears 0 0 0 11 156 584 3,461 1,568 5,017 1,355
Sub-Total 602,062 639,493 601,373 569,037 482,009 467,098 325,096 346,907 228,412 231,861PipelineRevenue 1,078 2,329 1,522 82 15 23 24 478 3,966 4,612
Other Receipts15,51
2 7,86111,39
021,65
310,25
7 5,034 4,262 6,276 6,194 5,784Accretion/(Decretion) instock 1,180 811 1,141 -197 2,116 299 -112 211 2 447
Total Incomefrom Operations
619,832
650,494
615,426
590,575
494,397
472,454
329,270
353,872
238,574
242,704
COST &EXPENSESOperating,
Selling &General
(a) Royalties54,83
244,93
460,70
753,42
846,18
137,91
128,45
130,00
225,14
223,02
4(b) Cess/ExciseDuty
56,752
59,174
61,106
62,024
44,302
46,498
46,302
46,994
25,660
23,833
(c) NaturalCalamityContingentDuty-Crude Oil 1,062 1,081 1,127 1,149 1,081 1,138 1,117 98 0 0
(d) Sales Tax 2,990 6,910 772 1,380 5,72714,58
011,05
012,56
1 7,713 7,439(e) EducationCess 1,719 1,784 1,861 1,303
(f) Octroi & PortTrust Charges 4,486 4,130 4,195 3,232 2,447 3,131 2,236 2,679 1,227 1,219
Sub-total (a to f)121,8
41118,0
13129,7
68122,5
1699,73
8103,2
5889,15
692,33
459,74
255,51
5
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PipelineOperations(ExcludingDepreciation) 7,975 6,963 7,318 6,460 5,907 8,982 5,717 5,452 4,951 4,965Other OperatingCosts
118,322
116,849
99,505
95,556
70,855
62,415
53,131
65,403
44,133
46,629
Exchange Loss-
4,033 3,819-
1,070 177 -172 2 36 191 469 1,269
Purchases 13985,16
665,11
559,40
134,33
851,01
3 0 0 0 0
Recouped Costs
(a) Depletion45,30
242,14
836,77
633,84
929,70
224,85
123,32
317,49
715,63
815,75
9
(b) Depreciation12,31
214,49
114,06
016,24
923,75
9 5,437 6,057 7,599 8,28610,60
2
(c) Amortisation89,40
767,32
047,58
043,16
731,43
731,58
826,33
916,18
114,22
818,17
2
(d) Impairment -433-
3,110 -437 1,729 -325 140 162 162 247 2,861Sub-Total (a tod)
146,588
120,849
97,979
94,994
84,573
62,016
55,881
41,439
38,399
47,394
Total Cost &Expenses
390,832
451,659
398,615
379,104
295,239
287,686
203,921
204,819
147,694
155,772
OperatingIncome BeforeInterest & Tax
229,000
198,835
216,811
211,471
199,158
184,768
125,349
149,053
90,880
86,932
Interest
Payments 686 1,190 590 215 470 377 468 1,132 2,469 3,984
Receipts21,52
541,50
436,12
520,69
513,27
812,26
411,20
913,31
710,14
1 8,620
Net
-20,83
9
-40,31
4
-35,53
5
-20,48
0
-12,80
8
-11,88
7
-10,74
1
-12,18
5-
7,672-
4,636
Profit BeforeTax& ExtraordinaryItems
249,839
239,149
252,346
231,951
211,966
196,655
136,090
161,238
98,552
91,568
ExtraOrdinaryItems 0 658 0 4,751 6,405 0 0 0 0 0
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Profit BeforeTax
249,839
238,491
252,346
227,200
218,371
196,655
136,090
161,238
98,552
91,568
Corporate Tax(Net)
82,163
78,544
85,330
80,273
74,063
66,825
49,446
55,945
36,573
39,280
Net Profit167,6
76159,9
47167,0
16146,9
27144,3
08129,8
3086,64
4105,2
9361,97
952,28
8
Dividend70,58
368,44
468,44
466,30
564,16
757,03
734,22
242,77
819,96
315,68
5
Tax on Dividend11,61
611,63
211,63
210,12
5 9,000 7,763 4,385 2,375 0 1,600RetainedEarnings ForThe Year
85,477
79,871
86,940
70,497
71,141
65,030
48,037
60,140
42,016
35,003
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1. Revenue which was rising earlier has declined in 2010 due to
termination of MRPL sales on expiration of the corresponding
Memorandum of Understanding.
2. ONGC posted a net profit of Rs. 167.68 billion despite volatile oil
markets and crude prices.
3. The company has practically zero corporate debt since it is just
0.006% of the equity capital
4. Even with falling margin, the firm contributed over Rs. 281 billion to
the exchequer.
5. ONGC enjoys a very high profit margin and is thus less prone to
financial risk.
6. With the new government regulations in place, the debtors have
reduced and ONGC have invested the freed up capital (See the
increase in investments)
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7. Companys working capital has also increased in proportion to the
increase in sales and the ratio of working capital to sales has stayed
at a healthy level.
8. Company has been consistently investing fixed assets also which
ensures a steady cash cycle in future too.
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1. References
1. http://www.bseindia.com/bseplus/StockReach/AdvanceStockReach
.aspx?scripcode=500312
2. http://www.ongcindia.com/download/AnnualReports/Annual_Repor
t_200910.pdf
3. http://www.eia.doe.gov/cabs/india/Full.html
4. http://www.ongcindia.com/press_release1_new.asp?
fold=press&file=press385.txt
5. http://indiaearnings.moneycontrol.com/sub_india/reports.php?
sc_did=ONG&type=directorsreport
6. http://www.ongcindia.com/profile_new.asp
7. http://www.ongcindia.com/history.asp
8. http://www.equitymaster.com/research-it/sector-info/energy/
9. http://www.ongcindia.com/vision.asp
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http://www.bseindia.com/bseplus/StockReach/AdvanceStockReach.aspx?scripcode=500312http://www.bseindia.com/bseplus/StockReach/AdvanceStockReach.aspx?scripcode=500312http://www.ongcindia.com/download/AnnualReports/Annual_Report_200910.pdfhttp://www.ongcindia.com/download/AnnualReports/Annual_Report_200910.pdfhttp://www.eia.doe.gov/cabs/india/Full.htmlhttp://www.eia.doe.gov/cabs/india/Full.htmlhttp://www.ongcindia.com/press_release1_new.asp?fold=press&file=press385.txthttp://www.ongcindia.com/press_release1_new.asp?fold=press&file=press385.txthttp://indiaearnings.moneycontrol.com/sub_india/reports.php?sc_did=ONG&type=directorsreporthttp://indiaearnings.moneycontrol.com/sub_india/reports.php?sc_did=ONG&type=directorsreporthttp://www.ongcindia.com/profile_new.asphttp://www.ongcindia.com/history.asphttp://www.equitymaster.com/research-it/sector-info/energy/http://www.ongcindia.com/vision.asphttp://www.bseindia.com/bseplus/StockReach/AdvanceStockReach.aspx?scripcode=500312http://www.bseindia.com/bseplus/StockReach/AdvanceStockReach.aspx?scripcode=500312http://www.ongcindia.com/download/AnnualReports/Annual_Report_200910.pdfhttp://www.ongcindia.com/download/AnnualReports/Annual_Report_200910.pdfhttp://www.eia.doe.gov/cabs/india/Full.htmlhttp://www.ongcindia.com/press_release1_new.asp?fold=press&file=press385.txthttp://www.ongcindia.com/press_release1_new.asp?fold=press&file=press385.txthttp://indiaearnings.moneycontrol.com/sub_india/reports.php?sc_did=ONG&type=directorsreporthttp://indiaearnings.moneycontrol.com/sub_india/reports.php?sc_did=ONG&type=directorsreporthttp://www.ongcindia.com/profile_new.asphttp://www.ongcindia.com/history.asphttp://www.equitymaster.com/research-it/sector-info/energy/http://www.ongcindia.com/vision.asp -
8/3/2019 Group 7 Corporate Hero
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10. http://www.ongcindia.com/download/AnnualReports/Annual_report
02-03-final_s_rev2.pdf
11. http://www.ongcindia.com/download/AnnualReports/ar_04-
05/AR_1-54.pdf
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http://www.ongcindia.com/download/AnnualReports/Annual_report02-03-final_s_rev2.pdfhttp://www.ongcindia.com/download/AnnualReports/Annual_report02-03-final_s_rev2.pdfhttp://www.ongcindia.com/download/AnnualReports/ar_04-05/AR_1-54.pdfhttp://www.ongcindia.com/download/AnnualReports/ar_04-05/AR_1-54.pdfhttp://www.ongcindia.com/download/AnnualReports/Annual_report02-03-final_s_rev2.pdfhttp://www.ongcindia.com/download/AnnualReports/Annual_report02-03-final_s_rev2.pdfhttp://www.ongcindia.com/download/AnnualReports/ar_04-05/AR_1-54.pdfhttp://www.ongcindia.com/download/AnnualReports/ar_04-05/AR_1-54.pdf