SENSEX NIFTY
Oil and Natural Gas Corporation Directors Report, ONGC Reports by Directors
YOU ARE HERE > MONEYCONTROL > MARKETS > OIL DRILLING AND EXPLORATION > DIRECTORS REPORT - Oil and Natural Gas Corporation
Oil and Natural Gas Corporation
BSE: 500312|NSE: ONGC|ISIN: INE213A01029|SECTOR: Oil Drilling And Exploration
SET ALERT
|
ADD TO PORTFOLIO
|
WATCHLIST
LIVE
BSE
, 16:01
402.65
-6.45 (-1.58%)
VOLUME 348,953
LIVE
NSE
, 16:01
402.85
-5.7 (-1.4%)
VOLUME 2,636,631
Download Annual Report PDF Format 2013 | 2012 | 2011 | 2010
Directors Report Year End : Mar '14    « Mar 13
Dear Shareholders,
 
 It gives me great pleasure to present, on behalf of the Board of
 Directors of your Company, the 21st Annual Report on the business and
 operations of Oil And Natural Gas Corporation Ltd. (ONGC) and its
 Audited Statements of Accounts for the year ended March 31, 2014,
 together with the Auditors'' Report and Comments on the Accounts by the
 Comptroller and Auditor General (CAG) of India.
 
 Your company along with its group companies has witnessed yet another
 year of sustained performance, success and growth not only in its core
 activities of Exploration and Production (E&P) of crude oil and natural
 gas but also in other areas where we have engaged ourselves
 significantly.
 
 Your company registered an increase of 5.6% in its PAT despite allowing
 highest ever discount towards under- recoveries of Oil marketing
 company (OMCs) at Rs. 563,843 million.
 
 The domestic production by ONGC including its share in JV-PSC during
 FY''14 was 50.86 MMToe which is about 1% lower than FY''13 production
 (51.47 MMToe). Your company has been making all efforts to arrest the
 decline in the production from its matured fields through various
 measures like IOR and EOR. The company has made commendable performance
 in the core area of exploration by registering Reserve Replacement
 Ratio of 1.87. All efforts are being made to bring various marginal
 fields to production to ensure sustained production performance.
 
 A brief recap of the main achievements during this fiscal are:
 
 - ONGC Deepwater drilling group set a world record of drilling deepest
 ultra-deepwater well by successfully reaching the target depth of 7725
 m. The well KG- DWN-2005/1-D-1 drilled by the Rig DDKG1 has set two
 records – firstly, the world record of well at the deepest water depth
 of 3174m and secondly, drilling the deepest offshore well of 7725m.
 
 - The fiscal saw your company completing and successfully putting on
 production its first deep water sub-sea well G1-11 in Eastern Offshore
 through an Early Production System (EPS). This has been accomplished by
 your company ensuring that the production volume from the well got
 realized within shortest possible time after its completion by
 connecting it with existing facilities of Odalarevu GCS near Kakinada
 temporarily through 2x10 subsea pipelines.
 
 - For the first time, your company has adopted easy cost planning for
 workover operation on Pan-India basis in SAP system throughout ONGC.
 
 - Your Company accreted 84.99 MMToe of ultimate reserves in the
 domestic fields (ONGC operated); the highest in the last twenty three
 years.
 
 - For the 9th consecutive year your company maintained the Reserve
 Replacement Ratio (RRR) of more than 1. RRR during the year has been
 1.87.
 
 - The Turnover of the Company stood at Rs. 842,028 million, the
 highest-ever. The turnover of the ONGC Group at Rs. 1,782,051 million has
 also been the highest-ever.
 
 - Your Company recorded a Net Profit of Rs. 220,948 million during the
 year under review, 5.6% higher than 2012-13 (Rs. 209,257 million).
 
 - ONGC Videsh Limited (ONGC Videsh), wholly owned subsidiary of your
 Company, which had in the recent past shown downward production volume
 realization owing to extraneous geo-political situations in Sudan &
 Syria, has recorded a 26% increase in crude oil production this fiscal
 mainly on account of resumption of production from Sudan and also new
 production stream from ACG, Azerbaijan and acquisition of additional
 12% PI in Block BC-10 in Brazil.
 
 - ONGC Videsh recorded highest-ever Net Profit of Rs.44,453 million.
 
 - Your company''s subsidiary Mangalore Refinery and
 
 Petrochemicals Limited (MRPL), has been upgraded to Schedule-A
 Category-1 Mini-Ratna Company by the Department of Public Enterprises
 (DPE), Government of India (GOI), thereby giving MRPL enhanced
 administrative and financial autonomy.
 
 - MRPL recorded the highest-ever thru''put of 14.6 MMT against an MoU
 target of 14.5 MMT, thus securing ''Excellent'' rating in achievement of
 its MOU targets.
 
 - MRPL has posted a net profit of Rs.6010 million, an increase of 179%
 from last fiscal''s loss of Rs. 7569 millions.
 
 - Pursuant to the decision of the Government of India to divest 10% of
 the equity share capital of Indian Oil Corporation Ltd, ONGC acquired
 5% equity shares of Indian Oil Corporation Limited amounting to
 121,397,624 equity shares of Rs. 10 each @ Rs. 220/- per share. The
 consideration amount of Rs. 26,707 million has been paid to the
 Government of India. Necessary disclosures in this regard have been
 submitted to Stock Exchanges.
 
 During 2013-14, your company had to share the highest-ever contribution
 of Rs. 563,843 million (an increase of Rs. 69,636 million i.e 14% over the
 previous year) towards the under-recoveries of OMCs. This has impacted
 your Company''s Profit Before Ta x by Rs. 477,561 million and Profit after
 Ta x by Rs. 315,238 million. However, your Company has been able to
 achieve Net Profit of Rs. 220,948 million during 2013-14, which is 5.6%
 higher than the profit of 2012-13.
 
 Global Recognition
 
 You will be pleased to know that your Company has been ranked at 176th
 in the 2014 Forbes Global 2000 list of world''s biggest companies. As
 per the Platts 2013 rankings, your Company is ranked 3rd largest listed
 E&P Company in the world and ranked 22nd Energy Company of the world
 based on Asset, Revenue, Profit & ROCE.  Your company has been adjudged
 one of the
 
 Fortune World''s most Admired Companies of 2014 as per CNN Money. There
 are only two companies from India in the list and your company is the
 only PSU in that coveted list. CNN Money has further ranked your
 company 369th in its Fortune Global 500 (2013) list by Revenue among
 global 500 companies. Adding to our global credentials is the fact that
 this year also your company has been awarded ''Randstad Award 2013'' for
 
 Most Attractive employer in the Energy Sector in India.
 
 As a fitting acknowledgment of your Company''s green credentials, you
 will be pleased to learn that ONGC has registered one of the largest
 Clean Development Mechanism (CDM) projects in the world when it got
 the ONGC Tripura Power Company Limited (OTPC) registered with the
 United Nations Framework Convention on Climate Change (UNFCCC). This
 726.6 MW gas-based power generation plant in Tripura is a
 fuel-substitution project, which would mitigate over 1.6 million tons
 of Carbon-dioxide emissions per year for the next 10 years. In
 addition, your company has registered its 11th CDM project - the Green
 Building Project at Kolkata, with the UNFCCC. The project, like its two
 predecessors (Green Building Projects at Mumbai and Dehradun), has been
 registered for 21 years and once commissioned, will fetch 1861 credits
 per annum.
 
 Performance: 2013-14
 
 Exploration
 
 During the year, your Company made 14 oil and gas discoveries in
 domestic fields (operated by ONGC). Out of 14, 7 discoveries are in
 offshore and 7 in onshore; 6 discoveries were made in the new prospects
 whereas 8 were new pool discoveries. 5 discoveries were made in NELP
 blocks and 9 in nomination blocks. Out of the discoveries made this
 year, 2 are oil bearing, 9 are gas bearing and 3 are both oil & gas
 bearing.
 
 In addition to these discoveries, 32 more exploratory wells drilled for
 delineation/appraisal of known pays in existing fields were hydrocarbon
 bearing and have resulted in field growth.
 
 Out of 7 on-land discoveries made during 2013-14, 4 discoveries
 (Gandhar-686, Sobhasan-300, Nandasan-111 & Geddanapalli-3) have already
 been put on production and efforts are on for bringing the other
 discoveries on production as early as possible.
 
 Five discoveries in NELP blocks (one onland and four offshore) are
 governed by the PSC guidelines and appraisal/development activities
 will be taken up keeping in view the time lines of the respective
 blocks. Details of the discoveries are as under:
 
 Sl.  Name of the well    Hydro-   Basin    Block Type & 
                                            Block Name          Pool/
 No                       carbon                                Prospect
                           Type
 
 New Prospects Discovery
 
 1   KGOSN041NANL #1       Gas   KG(Shallow
                                 Water)     NELP;KG-OSN-2004/1  Prospect
 
 2    KGOSN041NANL#2       Gas KG (Shallow 
                           Water)           NELP ; KG-OSN- 
                                            2004/1              Prospect
 
 3    Seripalem-1(SRM-AA)  Gas KG Onshore   Nomination; 
                                            Godavari On-land 
                                            PML                 Prospect
 
 4    MBOS51NAA#1          Gas Western 
                           Offshore         NELP; NB-OSN-2005/1 Prospect
 
 5    Mandapeta South # 1 
      (MDS-AA)             Gas KG Onshore   Nomination; Godavari
                                            on-land PML         Prospect
 
 6    NW-B173A-8           Oil 
                           & gas  Western
                                  Offshore 
                                            Nomination; South 
                                            & East Bassein PML  Prospect
 
 New Pool Discovery
 
 7   GK-28 # 9             Gas   Kutch 
                               (Shallow     Western Offshore    Pool
                                 Water);    GK-28 PML
 
 8   GK-42 # 3             Gas   Kutch 
                               (Shallow     Western Offshore 
                                            Nomination;         Pool
                                 Water);    GK-28 PML
 
 9   Gandhar # 686        Oil & Gas Western
                                   Onshore  Nomination; Gandhar
                                            Extension VI PML    Pool
 
 10 SB#300 (SBCG)         Gas   Western 
                                Onshore     Nomination; Geratpur
                                            PML                 Pool
 
 11 Gedanapalli#3 
    (GLAC)                Oil   KG Onshore  Nomination; Godavari 
                                            onland PML
                                                                Pool
 
 12 KG982NA-M#3           Oil &
                          Gas   KG Deep 
                                Offshore    NELP; NDA of KG-DWN
                                            -98/2               Pool
 
 13 Khubal#7 (KHBJ)       Gas   A&AA        NELP; AA-ONN-2001/1 Pool
 
 14 Nandasan-111 (NNBC)   Oil  Western 
                               Onshore      Nomination; Nandasan 
                                            Extn-I PML          Pool
 
 The new prospect discover y in NELP Block KGOSN041NANL #1 (Shallow
 Water) is important because this will help in augmenting hydrocarbon
 volumes established through four earlier discoveries namely Chandrika
 South, Alankari, Saveri & NANL-2 in the block.  This will add to ONGC''s
 efforts towards attaining critical hydrocarbon volumes for viability of
 a possible ''cluster based development'' of these discoveries.
 Similarly, discovery MBOS51NAA#1 in NELP block NB-OSN-2005/1 is in
 close vicinity of C-37/ C-39, B-9 areas that will enhance the overall
 gas potential of the area. Mandapeta South # 1 (MDS-AA) discovery south
 of main Mandapeta field has indicated for the first time possible
 production potential of tight reservoirs found in the area through
 hydro-fracturing.  The discovery NW-B173A-8 in South & East Bassein PML
 area in Mukta formation has huge upsides to the production potential of
 producing field B-173A.
 
 New pool discoveries GK-28 # 9 and GK-42 # 3 in GK-28 PML block in
 Kutch Shallow Water has a good potential to add value to GK-28/GK-42
 areas which ONGC plans to put on production. Besides, this discovery
 has potential to add a new basin to the list of producing basins in the
 country.  Similarly, the new oil & gas pool discovery Gandhar # 686 in
 Gandhar Extension VI PML area has shown first occurrence of oil in sand
 GS-11 in the South Western part of Gandhar field which will help in
 opening the sector for further growth of this field.
 
 The discovery SB#300 (SBCG) in Kalol formation South East of main
 Sobhasan field, in a separate fault block on the plunge of Sobhasan
 structure is the first gas discovery in KS-IV Sub pay and hence it will
 lead to adding a new gas play to the area. The discovery of Khubal#7
 (KHBJ) in a separate fault block in NELP block AA-ONN-2001/1 in Assam &
 Arakan basin is likely to add volumes to the already established
 in-place gas in the block and thereby help our fertiliser business that
 is planned through gas from Khubal area.
 
 The dominance of oil in Northern Discovery Area (NDA) which has been
 established through the earlier notified KG98/2NA-A#2 discovery is
 further confirmed by the new pool discovery KG98/2NA-M#3 this year
 which has potential to take the in-place oil volumes to more than 100
 MMt. Current estimated Oil & Gas (O OEG) volumes in NDA stand at 190
 MMToe as on 01-04-2013 and are likely to grow to the order of 290 MMToe
 with the addition from this M#3 discovery.
 
 Reserve accretion & Reserve Replacement Ratio (RRR)
 
 Continuing exploration in challenging and frontier areas, your company
 has accreted 255.56 million metric tonnes of oil equivalent (MMToe) of
 In-place volume of hydrocarbon in the domestic basins (operated by
 ONGC). As on 31.03.2014, the in-place Reserves of ONGC as a group
 stands at 2,004.15 MMToe; up 14% from FY''13 figure of 1,759.43 MMToe.
 The ultimate reserves accretion by ONGC in domestic area during FY''14
 has been 84.99 MMToe, the highest in last 23 years. Total reserve
 accretion in domestic basins including ONGC''s share in PSC JVs stands
 at 89.76 MMToe. With a Reserve Replacement Ratio (RRR) of 1.87 (with 3P
 Reserves) for its domestic basins, it was the 9th consecutive year that
 your Company has maintained an RRR of more than one.
 
 Voluntary disclosures in respect of Oil & Gas Reserves, conforming to
 SPE classification 1994 and US Financial Accounting Standards Board
 (FASB-69) have been made by your Company.
 
 Following is the reserve accretion details which your company has been
 pursuing with great vigour & conviction:
 
           Ultimate Reserve (3P) accretion O OEG            (in MMToe)
 
 Year    Domestic   ONGC''s share in   Total   ONGC VIDESH''s    Total
         Assets     Domestic Jvs     Domestic Share in
          (1)          (2)           Reserve  Foreign Assets
                                    (3)=(1) 
                                     (2)         (4)        (5)=(3) (4)
 
 2008-09  68.90        2.82          71.72      135.08       206.80
 
 2009-10  82.98        4.39          87.37        0.35        87.72
 
 2010-11  83.56        0.29          83.85       46.23       130.08
 
 2011-12  84.13        1.31          85.44       -0.31        85.13
 
 2012-13  84.84        4.24          89.08       14.16       103.24
 
 2013-14  84.99        4.77          89.76      212.59       302.35
 
 Statement of Reserve Recognition Accounting (RRA)
 
 Reserve Recognition Accounting is a statutory compliance towards
 recognizing income at the point of discovery of reserves and seeks to
 demonstrate the intrinsic strength of an organization engaged in
 exploration and production of hydrocarbons with reference to its future
 earning capacity in terms of current prices for income as well as
 expenditure.  This information is based on the estimated net proved
 reserves (developed and undeveloped) as determined by the Reserves
 Estimates Committee of the Company.
 
 As per FASB-69 on disclosure about Oil and Gas producing activities,
 publicly traded enterprises that have significant Oil and Gas producing
 activities, are to disclose with complete set of annual financial
 statements, the following supplemental information:
 
 a) Proved Oil and Gas reserve quantities
 
 b) Capitalized costs relating to Oil and Gas producing activities
 
 c) Cost incurred for property acquisition, exploration and development
 activities
 
 d) Results of operations for Oil and Gas producing activities
 
 e) A standardized measure of discounted future net cash flows relating
 to proved Oil and Gas reserve quantities
 
 Your Company has disclosed information in respect of (a) to (d) above
 in the Annual Financial Statements.
 
 Your Company has also made voluntary disclosure on standardized measure
 of discounted future net cash flows relating to proved oil and gas
 reserve at Annexure-''A'' to this report as statement of Reserve
 Recognition Accounting (RRA).
 
 Unconventional sources of energy
 
 ONGC plans to continue its endeavour for exploration and development of
 Unconventional & other resources like Shale Gas, CBM, HP/HT, Fractured
 Basement plays with the following initiatives:
 
 a.  Shale Gas and Oil
 
 ONGC has the distinction of establishing the first flow of shale gas in
 the country at Durgapur. Shale gas exploration and production is one of
 the key elements of ONGC''s Perspective Plan 2030 wherein an accretion
 potential of 850 to 1150 MMToe and production potential of 80 to 140
 MMToe have been envisaged by the year 2030. ONGC is planning to explore
 for shale gas in Cambay, Krishna- Godavari, Cauvery and Assam Shelf and
 basins.
 
 Government of India notified the New Shale Gas Policy for the NOCs on
 14.10.2013 and according to it, ONGC and OIL will initiate shale gas
 and oil exploration activities in their nomination blocks in a phased
 manner. ONGC has identified 50 nomination blocks, of which 28 blocks
 are in Cambay basin, 10 in KG basin, 9 in Cauvery basin and 3 in Assam
 Shelf.
 
 Following the notification of the policy, ONGC has already drilled its
 first pilot Shale gas well JMSGA(DD-3305 m) in the Cambay basin.
 Extensive coring (139 m) was carried out in this well and studies on
 cores and analysis of wire line logs are in progress which will help in
 assessing the shale gas and oil potential of Cambay Shale, main source
 rock in the basin. Identification of prospective shale gas blocks in
 different basins has been completed and ONGC plans to take up shale gas
 activities aggressively in these basins.  Around 20 similar pilot wells
 are planned to be drilled in Cambay, KG, Cauvery and A&AA basins in
 2014-15.  Success in these envisaged Shale Gas pilot programme will
 help in unlocking unconventional shale gas and oil reserves in dif
 ferent basins.
 
 b.  Coal Bed Methane(CBM)
 
 ONGC has taken concrete steps to discover Coal Bed Methane (CBM) in the
 country and is currently operating in four CBM Blocks i.e., Jharia,
 Bokaro, North Karanpura and Raniganj. The Development Plans for all the
 four blocks has been submitted and approved by the Steering Committees.
 Nearly 400 wells and 2000 hydro-fracturing jobs would be carried out in
 the coming 4-5 years as per timelines of the CBM Contract. In view of
 the mammoth and time bound task, ONGC has decided to farm-in
 experienced partners to execute field operations, process for
 acquisition of which is in an advanced stage.
 
 ONGC has started selling incidentally produced CBM gas from existing
 wells at Parbatpur of Jharia Block at an approved price of .1 per
 MMBTU i.e. Rs. 9.75 per SCM approx. The cumulative gas sale as on 31st
 March 2014 is 11.41 MSCM. The Commercial CBM production in ONGC blocks
 is yet to start.
 
 c.  Underground Coal Gasification(UCG)
 
 ONGC has selected Vastan Mine block in Surat district, Gujarat for UCG
 Pilot project. All the ground work and inputs for pilot construction
 have been finalized for implementation. Gazette notification from GoI
 for UCG block allocation in the form of Notice Inviting Application
 (NIA) had been issued on 29th July, 2013. According to the NIA the
 block shall be allocated to state PSU located in Gujarat. GIPCL,
 Gujarat being partner in ONGC''s UCG venture, submitted a fresh
 application on 21st August,2013.
 
 The issue of Mining Lease for the block is awaited. The Pilot
 construction and erection of surface facilities shall be taken up only
 after the allocation of the Vastan Mine block.
 
 Further, a number of sites have been jointly identified by ONGC &
 Neyveli Lignite Corporation Limited (NLC) for studying their
 suitability to UCG. These are Tadkeshwar in Gujarat and Hodu-Sindhari&
 East Kurla in Rajasthan. One more site was jointly identified by ONGC &
 GMDC at Surkha in Bhavnagar district, Gujarat. The data of all the
 fields have been analysed for evaluating the suitability of these sites
 for UCG. All sites have been found suitable for UCG exploration.
 
 Oil & Gas production
 
 During FY ''14, like earlier years, your company being the largest
 producer of oil and gas in the country, was able to maintain its
 relevance by contributing 69 per cent of oil and 62 per cent of natural
 gas production of the country from its domestic operations.
 
 Oil & Gas production of ONGC Group, including PSC-JVs and from overseas
 Assets for FY''14 has been 59.21 MMToe (against 58.71 MMToe during
 FY''13). The upward volume came from our overseas asset at Ajerbaijan
 and also from resumption of production in Sudan & South Sudan where
 production was suspended owing to geopolitical situations.  However,
 when compared to 2011-12, the production is slighlty lower owing to
 unrest in Syria and still inadequate production from Sudan & South
 Sudan and the natural decline in overseas matured fields in Sakhalin-1,
 Russia, San Cristobal Project, Venezuela and BC-10, Brazil, besides the
 natural production decline in domestic mature fields. The fall in
 production was offset through IOR & EOR ef forts.
 
 Out of the total production of 31.49 MMT of crude oil, 70.6 per cent
 production came from ONGC operated domestic fields, 17.4 per cent from
 the overseas assets and balance 12 per cent from domestic joint
 ventures. As far as natural gas production is concerned, majority of
 production (84 per cent) came from ONGC operated domestic fields, 10.4
 per cent from overseas assets and 5.6 per cent from domestic joint
 ventures.
 
 Production from overseas assets
 
 ONGC Videsh, has thirteen (13) producing assets in eight countries -
 Venezuela (1), Brazil (1), Colombia (1), Sudan (1), South Sudan (2),
 Syria (1), Vietnam (1), , Mayanmar (2), Russia (2) and Azerbaijan (1).
 
 Total production from these overseas assets during FY''14 has been 8.36
 MMToe of O OEG (Crude oil: 5.49 MMT & Gas: 2.87BCM).
 
 Ajerbaijan has contributed 12% as compared to around 0.1% last year.
 Resumption of operations in South Sudan & Sudan has also contributed to
 this years increased volume contributing 13.2% this year as compared to
 8.2% last year.  Russia & Vietnam continued to be the biggest
 contributor to overseas production volume with 29.4% and 23%
 respectively followed by Venzuela with 10.8%.
 
 NEW PROJECTS
 
 The following new projects are under implementation:
 
 - Integrated Development of Vasihita and S1 Fields -
 
 The project envisages gas production of 15.96 BCM within 9 years from
 completion with an investment of ?41243 million.
 
 - Development Plan for lower pays in NBP- 14 Block of NBP field - This
 project envisages an investment of ?4291 million for drilling and
 completion of 6 development wells.
 
 - Additional development of Vasai East field The Capex of this project
 is ?24770 million and envisages installation of 2 well platforms (VSEB
 & VSEC) and drilling of 20 wells with cumulative incremental oil & gas
 production of 1.83 MMt and 1.971 BCM by 2029-2030.
 
 - Mudline completion - Development of three shallow water wells
 GS-15-9, GS-15-E1 & GS-48-1 through Sub- Sea mud-line tree in Eastern
 Offshore. The project envisages gas production of 1.1 MMSCMD, gradually
 reducing to 0.36 MMSCMD in 10 years with an investment of ?2848
 million.
 
 Overall Production and Sales Performance
 
 Presented below are the highlights of production and sales of Crude
 Oil, Natural Gas and Value Added Products (VAP):
 
          Unit    Production Qty         Sales Qty      Value 
                                                       (Rs.in millions)
 
                   FY''14    FY13      FY14     FY13    FY14       FY13
 
 Direct
 
 Crude 
 Oil     (MMT)     25.99   26.13      23.61   23.69   525,734   533,268
 
 Natural 
 Gas     (BCM)     24.85   25.34      19.63   20.16   183,291   165,400
 
 Ethane/
 Propane 000 MT      430     428        428     425    14,837    13,440
 
 LPG     000 MT    1,067   1,006      1,073   1,005    30,145    31,484
 
 Naphtha 000 MT    1,358   1,534      1,379   1,520    75,743    76,804
 
 SKO     000 MT       84     108         85     106     2,779     3,686
 
 Others                                                 2,124     1,589
 
 Sub 
 Total                                                834,653   825,671 
 Trading
 
 Motor 
 Spirit 000 KL                         0.54    0.56        41        42
 
 HSD    000 KL                         0.05    0.02         3         1
 
 Others
 
 Sub 
 Total                                                     44        43
 
 Total                                                834,697   825,714
 
 1.  Financial Results
 
 During the year, your Company has earned a Profit After Tax (PAT) of ?
 220,948 million up 5.6% over FY 2012-13 (?209,257 million)
 
 Highlights
 
 Gross Revenue                  :? 842,028 million
 
 Profit After Tax (PAT)          ? 220,948 million
 
 Contribution to Exchequer     : ? 405,750 million
 
 Return on Capital Employed    : 39.62%
 
 Debt-Equity Ratio             : 0.00
 
 Earnings Per Share (Rs.)      : 25.83
 
 Book Value Per Share (Rs.)        159
 
                                             (Rs. in million)
 
 Particulars                           2013-14         2012-13
 
 Revenue from operations               842,028         833,090
 
 Other Income                           67,132          54,367
 
 Total Revenues                        909,160         887,457
 
 Profit Before Interest Depreciation 
 & Tax (PBIDT)                         433,582         389,455
 
 Profit Before Tax (PBT)               324,319         305,443
 
 Profit After Tax (PAT)                220,948         209,257 
 
 APPROPRIATION
 
 Interim Dividend                       79,138          76,999
 
 Proposed Final Dividend                 2,139           4,278
 
 Tax on Dividend                        13,807          13,012
 
 Transfer to General Reserve           125,864         114,968
 
 TOTAL                                 220,948         209,257
 
 Previous year figures have been regrouped wherever necessary.
 
 Previous year figures have been regrouped wherever necessary.
 
 The increase in Profit during FY 13 -14 as compared to FY 12-13 is
 mainly due to lower write off towards dry wells and appreciation in US$
 against INR.  This is inspite of contribution of record Rs. 563,843
 Million by ONGC towards under-recoveries of Oil Marketing companies.
 
 2.  Dividend
 
 Your Company paid interim dividend of Rs.9.25 per share (185 per cent) in
 two phases (Rs.5.00 and Rs.4.25). The Board of Directors has recommended a
 final dividend of Rs. 0.25 per share (5 per cent) making the aggregate
 dividend at Rs. 9.50 per share (190 per cent) for FY 13-14 i.e. same as
 compared to dividend for the year 2012-13.  The total dividend will be
 Rs.81,277 million, besides Rs.13,807 million as tax on dividend amounting
 to 43.03 per cent of PAT.
 
 3.  Management Discussion and Analysis Report
 
 As per the terms of Clause 49(IV)(F) of the Listing Agreement with the
 Stock Exchanges, the Management Discussion and Analysis Report (MDAR)
 has been included and forms part of the Annual Report of the Company.
 
 4.  Financial Accounting
 
 The Financial Statements have been prepared in accordance with the
 Generally Accepted Accounting Principles (GAAP) and in compliance with
 all applicable Accounting Standards (AS-1 to AS-29) and Successful
 Efforts Method of accounting as per the Revised Guidance Note on
 Accounting for Oil & Gas Producing Activities issued by The Institute
 of Chartered Accountants of India (ICAI) effective from 01.04.2013 and
 provisions of the Companies Act, 1956.  Further, as per Ministry of
 Corporate Affairs (MCA) notification, the financial statements have
 been prepared under the Revised Schedule VI format of the Companies
 Act, 1956. It may be noted that the provisions of Companies Act, 2013
 with regard to preparation of Annual Accounts shall become applicable
 from the financial years commencing on or after 1st April, 2014.
 
 5.  Subsidiaries
 
 I ONGC Videsh Limited (ONGC Videsh)
 
 ONGC Videsh, the wholly-owned subsidiary of your Company for E&P
 activities outside India, has participation in 33 projects in 16
 countries e.g.  Azerbaijan, Bangladesh, Brazil, Colombia, Iraq,
 Kazakhstan, Libya, Mozambique, Myanmar, Russia, South Sudan, Sudan,
 Syria, Venezuela and Vietnam.  Out of 33 projects, 13 are producing, 4
 are discovered/under development, 14 are exploratory and remaining 2
 are pipeline projects.
 
 ONGC Videsh is currently producing about 169 thousand barrels of oil
 and oil equivalent gas per day and has total oil and gas reserves of
 about 637 MMToe as on 31st March 2014. It has achieved the highest-
 ever profit (PAT) of Rs.44,453 Million during FY'' 14, an increase of 13%
 as compared to the PAT of Rs. 39,291 Million during FY''13. The increase
 in profit can be attributed mainly to increase in production / sale
 quantity and appreciation of US$ against the INR.  ONGC Videsh''s share
 in production of oil and oil equivalent gas (O OEG) of ONGC group,
 together with its wholly-owned subsidiaries, ONGC Nile Ganga B.V., ONGC
 Amazon Alaknanda Limited, Imperial Energy Limited and Carabobo One AB,
 was 8.357 MMToe during FY''14 as compared to 7.260 MMToe during FY'' 13.
 The oil production increased from 4.343 MMT during FY''13 to 5.486 MMT
 during FY''14 (26.3% higher) primarily due to new production stream from
 ACG, Azerbaijan; acquisition of additional 12% PI in Block BC-10,
 Brazil; higher production from Sudan and South Sudan.
 
 Significant Acquisitions, Alliances and Operations highlights of ONGC
 Videsh during FY''14 are as follows:
 
 i) ONGC Videsh with Oil India Limited (OIL) has acquired 10% (ONGC
 Videsh - 6% and OIL - 4%) PI in the Rovuma Area 1 Offshore Block in
 Mozambique (Area 1) at purchase consideration of USD 2511 Million on
 7th January, 2014 by acquiring the share of Videocon Mozambique Rovuma
 1 Limited.
 
 Your Company has also acquired 10% PI in the same area from Anadarko
 Moçambique Area 1 Limitada at purchase consideration of USD 2640
 Million on 28th February, 2014.
 
 Area 1 covers approximately 2.6 million acres in the deep-water Rovuma
 Basin of fshore Mozambique and represents the largest gas discovery in
 offshore East Africa with estimated recoverable reserves of 50 to 70
 trillion cubic feet.
 
 ii) ONGC Videsh, through its subsidiaries, has acquired an additional
 12% Participating Interest (PI) in Block BC-10, a deep-water offshore
 block in Campos Basin, Brazil at purchase consideration of USD 561
 million, taking its total PI in the block to 27%. The Company had
 earlier acquired 15% PI in Block BC-10 in 2006.The transaction for 12%
 stake in the block was completed in December, 2013.
 
 iii) ONGC Videsh in partnership with OIL on 17th February, 2014, has
 signed Production Sharing Contract (PSC) for two shallow water
 exploration blocks SS-09 & SS-04 in the Bay of Bengal of Bangladesh.
 ONGC Videsh and Oil India Limited (OIL) formed a consortium (50:50) and
 participated in the Bangladesh Offshore Bidding Round 2012, launched by
 Bangladesh Government during December 2012 and was officially notified
 as the winner of the mentioned blocks on August 20th 2013. ONGC Videsh
 has 45% PI in each of the Blocks with operatorship, 45% PI is held by
 Oil India Ltd and remaining 10% PI is held by Bangladesh Petroleum and
 Exploration Company Limited.
 
 iv) On 10th October 2013, the Company was awarded two onshore
 exploratory blocks namely B2 (Zebyutaung-Nandaw) and EP-3 (Thegon-
 Shwegu) in the Myanmar Onshore Bidding Round 2013. Block B-2, having an
 area of 16995 sq. kms is located in Northern Myanmar, bordering state
 of Manipur in India and Block EP-3 having an area of 1650 sq. kms is
 located in Central Myanmar.  ONGC Videsh was one of the 7 Indian
 companies which were shortlisted as Pre-qualified bidders by Government
 of Myanmar for their Onshore 2nd Bid Round -2013 for 18 blocks.  v)
 During FY''14, ONGC Videsh has signed the following MoUs:
 
 a) MoU with Petrovietnam - On November 20, 2013, in furtherance to
 earlier MoU signed on October 2011 to promote joint cooperation in
 hydrocarbon sector in Vietnam, India and other countries was signed.
 Under the MOU, Petrovietnam has offered 5 blocks to ONGC Videsh. ONGC
 Videsh would assess these blocks and if these are of interest, it would
 make a proposal to PetroVietnam.
 
 b) MOU with Coordinating Ministry for Strategic Sectors of Ecuador on
 9th December 2013 over sharing of information regarding oil and gas
 projects in Ecuador, which ONGC Videsh would evaluate to identify
 projects of its interest and could propose participation in such
 project(s) through specific definitive agreements.
 
 c) MOU with PDVSA - On 9th October 2013 for strategic cooperation and
 participation in the exploration and production of hydrocarbon
 resources in the oil-rich Faja area of Venezuela and in other areas as
 well in joint collaboration thereby enhancing ONGC Videsh''s interest in
 Venezuela.
 
 vi) ONGC Videsh commenced first commercial production of gas from Block
 A3 and Block A1 in Offshore Myanmar on 15th July 2013 and 10th January
 2014 respectively. The combined production from these blocks is
 currently 8.7 MMSCMD and is expected to reach a peak level of 14.20
 MMSCMD in Q1 of 2015. ONGC Videsh has 17% PI in these blocks.
 
 vii) ONGC Videsh has commissioned the Onshore Pipeline Gas
 Transportation project in Myanmar in November 2013. The Contractual
 Transportation Date has been notified as 1st December, 2013. The
 onshore gas pipeline is currently under operation and is transporting
 gas to both the Export and Domestic buyers.
 
 viii) In Block BC-10, Brazil, the Phase II of the Project has also come
 on stream in October 2013 with an expected peak production of about
 35,000 barrels of oil equivalent per day (boepd) in 2014. The current
 oil production from the block has reached 58,000 boepd at JV level.
 Phase-III of the project has also started with drilling of wells and
 first - oil is expected by April, 2016 with expected peak production of
 about 28000 boepd in 2017. The production from all the phases is
 expected to be about 75,000 boepd in 2017.
 
 ix) After acquisition of 2.72% stake in ACG project in Azerbaijan,
 additional oil production has commenced from West Chirag field on 28th
 January, 2014. The current production from the project is 678,000 bopd.
 
 x) The current geo-political situation in Syria including EU sanctions
 and the resulting restrictions on contractors continues which has
 adversely affected Syrian operations since December 2011.
 
 xi) The operations in South Sudan projects are temporarily under
 shutdown after internal conflicts and adverse security situation in the
 country since 22nd December, 2013. However, a Ceasefire Agreement has
 been signed on 9th May, 2014 by the warring parties and negotiations
 are being carried out under the mediation of the African Union and
 Inter-governmental Authority on Development (IGAD). Operations in South
 Sudan shall resume once security situation improves.
 
 Direct Subsidiaries and Joint Ventures of ONGC Videsh i.  ONGC Nile
 Ganga B.V. (ONGBV) ONGBV, a subsidiary of ONGC Videsh, is engaged in
 E&P activities in Sudan, South Sudan, Syria, Venezuela, Brazil and
 Myanmar. ONGBV holds 25 per cent Par ticipating Interest (PI) in
 Greater Nile Oil Project (GNOP), Sudan with its share of oil production
 of about 0.741 MMT during 2013-14.  ONGBV also holds 25 per cent PI in
 Greater Pioneer Operating Company (GPOC), South Sudan. Due to adverse
 geo-political conditions, ONGC Videsh could produce only 0.218 MMT oil
 in GPOC, South Sudan during FY''14.
 
 ONGBV holds 16.66 per cent to 18.75 per cent PI in four Production
 Sharing Contracts in Al Furat Project (AFPC), Syria. Due to
 geo-political situations in Syria, ONGC Videsh could not produce any
 oil in AFPC project during FY''14.  ONGBV holds 40 per cent PI in San
 Cristobal Project in Venezuela through its wholly owned subsidiary ONGC
 Nile Ganga (San Cristobal) BV with its share of oil production of about
 0.854 MMT during FY'' 14. ONGBV holds 27 per cent PI in BC- 10 Project
 in Brazil through its wholly owned subsidiary ONGC Campos Ltda with its
 share of oil and gas production of about 0.331MMToe during FY'' 14.
 ONGBV also holds 25% PI in Block BM- SEAL-4 located in deep-water
 offshore, Brazil through its wholly owned subsidiary ONGC Campos Ltda.
 ONGBV also holds 8.347per cent PI in South East Asia Gas Pipeline Co.
 Ltd., (SEAGP) for Pipeline project, Myanmar through its wholly owned
 subsidiary ONGC Caspian E&P B.V.
 
 ii.  ONGC Narmada Limited (ONL)
 
 ONL has been retained for acquisition of future E&P projects in
 Nigeria.
 
 iii.  ONGC Amazon Alaknanda Limited (OAAL)
 
 OAAL, a wholly-owned subsidiary of ONGC Videsh, holds stake in E&P
 projects in Colombia, through Mansarovar Energy Colombia Limited
 (MECL), a 50:50 joint venture company with Sinopec of China. During FY''
 14, ONGC Videsh''s share of oil and gas production in MECL was about
 0.604MMToe.
 
 iv.  Imperial Energy Limited (Erstwhile Jarpeno Limited)
 
 Imperial Energy Limited (Name changed from Jarpeno Limited with effect
 from April 19th 2013), a wholly-owned subsidiary of ONGC Videsh
 incorporated in Cyprus, has its main activities in the Tomsk region of
 Western Siberia, Russia.  During FY'' 14, Imperial Energy''s oil and gas
 production was about 0.423MMToe.
 
 v.  Carabobo One AB
 
 Carabobo One AB, a wholly-owned subsidiary of ONGC Videsh incorporated
 in Sweden, indirectly holds 11 per cent PI in Carabobo-1 Project,
 Venezuela. The early production has already started from first well
 (CGO005) on 27th December 2012 @ 300 bopd. During FY'' 14, Carabobo''s
 oil and gas production was about 0.022MMToe.
 
 vi.  ONGC (BTC) Limited :
 
 ONGC (BTC) Limited holding 2.36 per cent interest in the
 Baku-Tbilisi-Ceyhan Pipeline (BTC) owns and operates 1,768 km oil
 pipeline running through Azerbaijan, Georgia and Turkey.  The pipeline
 mainly carries crude from the ACG fields from Azerbaijan to the
 Mediterranean Sea.
 
 vii.  ONGC Mittal Energy Limited (OMEL)
 
 ONGC Videsh along with Mittal Investments Sarl (MIS) promoted OMEL, a
 joint venture company incorporated in Cyprus. ONGC VIDESH and MIS
 together hold 98 per cent equity shares of OMEL in the ratio of 49.98
 per cent (ONGC Videsh) and 48.02 per cent (MIS) with the balance 2 per
 cent shares held by SBI Capital Markets Ltd. OMEL held 45.5 per cent PI
 in exploration block OPL 279, Nigeria and holds 64.33 per cent PI in
 exploration Block OPL 285, Nigeria. OMEL also holds 1.11 per cent of
 the issued share capital of ONGBV by way of Class-C shares issued by
 ONGBV exclusively for AFPC Syrian Assets; such investment being
 financed by Class-C Preference Shares issued by OMEL in the ratio of
 51:49 to ONGC Videsh and MIS respectively.
 
 II Mangalore Refinery and Petrochemicals Limited (MRPL)
 
 Your Company continues to hold 71.62 per cent equity stake in MRPL, a
 Schedule ''A'' Mini Ratna, which is a single location 15 MMTPA Refinery
 on the West coast.
 
 Performance Highlights FY 2013-14
 
 - MRPL achieved the highest-ever thru''put of 14.97 and it produced
 14.59 MMT of petroleum products in FY''14, the highest-ever.
 
 - FY''14 saw MRPL registering a handsome profit (PAT) of Rs.6010 Million
 against a net loss of Rs.7,569.10 million that MRPL witnessed during
 FY''13 owing to reduced gross margins and foreign exchange fluctuation
 during FY''13.
 
 - Despite profit, however, Board of Directors of MRPL has not
 recommended any Dividend payout for the financial year 2013-14
 considering the working capital requirement, past losses and project
 expenditure.
 
 - MRPL exported 6.727 MMT of products against 6.838 MMT in the previous
 year. The Export turnover rose to Rs.353,920 million in FY''14 with 6.15%
 higher than previous F Y.
 
 - Crude sourcing (Receipts): 14.971 MMT; Iran (28.91 per cent), Saudi
 Arabia (22.51 per cent), ADNOC (17.09 per cent), Kuwait (9.77 per
 cent), Mumbai High (9.27 per cent), Nile Blend (1.06 per cent) & Spot
 (11.39 per cent).
 
 Marketing & Retail Operations
 
 The Company (MRPL) embarked into bulk sales of HSD after the
 introduction of dual pricing for HSD. The turnover of Direct Marketing
 stood at Rs.22, 910 Million in FY-14 as compared to Rs.25,830 Million in
 FY-13. The Company could establish a good market reach for sale of
 Petcoke after commissioning of Delayed Coker unit in April 2014. The
 Company''s Joint Venture (Shell MRPL Aviation Fuel services Limited) for
 marketing ATF has performed well and has increased its turnover by 34%
 in FY14 as compared to last year.
 
 Phase III - Brownfield expansion Project & SPM
 
 MRPL''s Phase III up-gradation and expansion project has achieved an
 overall progress of 99.68% as on 15.5.2014. The Company has already
 commissioned the SPM facility in August 2013. During the month of
 April/ May 2014 the Delayed Coker Unit and Coker Hydro Treater Unit and
 one SRU unit have been commissioned. PFCC and two trains of SRU shall
 be commissioned shortly. The physical progress of Polypropylene unit is
 95.6% and is expected to be commissioned shortly. The total capital
 expenditure incurred for all these projects so far is Rs.130,050 Million.
 
 6.  Exemption in respect of Annual Report of
 
 Subsidiaries and Consolidated Financial Statement
 
 In accordance with Ministry of Corporate Affairs (MCA) circular dated
 8th February, 2011 and clarification dated 21st February, 2011, your
 Board has accorded necessary approval for not attaching the Balance
 Sheet and Profit & Loss Account of its subsidiaries (i) ONGC Videsh and
 (ii) Mangalore Refinery and Petrochemicals Ltd. (MRPL). Full Annual
 Report of ONGC including its subsidiaries will be made available to any
 shareholder, if he/she desires.
 
 Further, Annual Reports of MRPL and ONGC Videsh are also available on
 website www.mrpl.co.in and www.ongcvidesh.com respectively.
 
 In accordance with the Accounting Standard (AS)–21 on Consolidated
 Financial Statements read with AS- 23 on Accounting for Investments
 in Associates and AS-27 on Financial Reporting of Interests in Joint
 Ventures, audited Consolidated Financial Statements for the year ended
 31st March, 2014 of the Company and its subsidiaries form part of the
 Annual Report.
 
 7.  Joint Ventures/ Associates
 
 i.  ONGC Petro-additions Limited (OPaL)
 
 ONGC Petro-additions Limited (OPaL), has been promoted by your company
 as a Joint Venture (JV) Company, with envisaged equity stake of 26%
 along with GAIL (15.5%) and GSPC (5%). The balance equity of 53.5% is
 to be tied up with Strategic Partners/ FIs / IPO.
 
 OPAL is a mega downstream petrochemical integrated project at Dahej SEZ
 for utilizing in-house production of C2-C3 and Naphtha from various
 units of ONGC.
 
 Recently on August 23rd, 2013, your company signed a Product Sale
 Agreements with OPaL for supply of feed-stocks, thereby enabling OPal''s
 lenders to release funds for implementation of the project.
 
 Present status
 
 - Overall Cumulative progress is 89.84 %.
 
 - Total cumulative expenditure as on 31st March 2014 is Rs.181,557
 million. Approved project cost is Rs.213,960 million.
 
 - Debt closure has been attained for approved project cost of Rs.213,960
 million with the execution of Rupee Term Loan agreement, for Rs. 149,770
 million, including ECB of USD 300 million.
 
 - Based on the current project progress, expected completion schedule
 of the Project is Jan, 2015.
 
 ii.  ONGC Tripura Power Company Ltd (OTPC)
 
 Your Company has promoted OTPC with an envisaged stake of 50% along
 with Govt.  of Tripura (0.5%) and IL&FS Energy Development Co. Ltd.
 (IEDCL - an IL&FS subsidiary) (26%); the balance 23.5% is proposed to
 be tied up through IPO / Strategic / Financial Investor.
 
 OTPC is setting up a 726.6 MW (2 X 363.3 MW) gas based Combined Cycle
 Power Plant (CCCP) at Palatana, Tripura. The basic objective of the
 project has been to monetize idle gas assets of ONGC in land- locked
 Tripura state and to boost exploratory efforts in the region.
 
 Present Status
 
 OTPC''s first unit (Unit-1) was dedicated to the Nation by the Hon''ble
 President of India on 21st June, 2013.  However, commercial operation
 of its first unit (363.3 MW) effectively got started from 4th January
 2014 in presence of representatives of beneficiary states. The second
 unit is expected to be commissioned in the second quarter of financial
 year 2014-15.
 
 - The unit has been granted provisional tariff by Central Electricity
 Regulatory Commission (CERC). The Ministry of Power has allocated more
 than 86% of power from the project (two units) to the NER beneficiary
 states while 98 MW is allocated to OTPC for merchant sales. The OTPC
 has already signed a gas sale and purchase agreement (GSPA) with ONGC
 for supplying Daily contracted Quantity of 2.65 MMSCMD of gas.
 
 - The 663 KM long 400 KV double circuit transmission network
 Palatana-Bongaigaon transmission has been commissioned up to Byrnihat
 by North-East Transmission Company Limited (NETCL), a joint venture of
 Power Grid Corporation, OTPC and Governments of the North-Eastern
 states. This development is helping in evacuating power from Unit-1 and
 enables partial evacuation from unit II. For complete evacuation of
 Unit-II power, the remaining Byrnihat-Bongaigaon section of the line
 requires to be completed and its completion is expected to coincide
 with Unit II commissioning, subject to timely resolution of certain
 forest clearance issues.
 
 - The total expenditure incurred on the project till 31st March, 2014
 is Rs.34,560 million against the total estimated cost of Rs.40,470 million.
 
 - State Bank of India is funding the entire debt for the project at a
 Debt: Equity ratio of 75:25.
 
 iii.  ONGC Mangalore Petrochemicals Limited (OMPL)
 
 Your company has promoted OMPL as a value-chain integration project for
 manufacturing Para-Xylene and Benzene from the Aromatic streams of MRPL
 with an envisaged equity participation of 46% along with MRPL (3%),
 with balance 51% to be tied up through IPO / Strategic / Financial
 Investor Present status:
 
 - Overall Cumulative progress is 98.5% as on 31st March 2014
 
 - Total cumulative expenditure on the project is Rs.51700 million.
 Approved project cost is Rs.57500 million.
 
 - The commercial operation date (COD) is August 2014.
 
 iv.  Dahej SEZ Ltd (DSL)
 
 Your company as Lead Promoter is developing a multi-product SEZ at
 Dahej in coastal Gujarat to facilitate your company''s endeavours at C2-
 C3 Extraction and value-chain integration project – OPaL. Your company
 has 23% equity in the project with GIDC having 26% and balance 51% is
 proposed to be tied up through IPO / Strategic / Financial Investor.
 
 Present status:
 
 - SEZ is already operational and units in SEZ have clocked export of
 Rs.14,200 million in FY 2012-13 and Rs.19,740 million in FY 2013-14.
 
 - 92% of the leasable land has already been allotted and the remaining
 land is expected to be leased in the next two years.
 
 - Expert Appraisal Committee of Ministry of Environment and Forest
 (MoEF) has recommended CRZ clearance for 123.42 ha of land in Dahej
 SEZ.  Formal approval is awaited.
 
 v.  Mangalore Special Economic Zone Limited (MSEZ)
 
 With an envisaged equity stake of 26% along with KIADB (23%), IL&FS
 (50%), OMPL (0.96%) and KCCI (0.04%), ONGC is setting up MSEZ to serve
 as site for development of necessary infrastructure to facilitate and
 locate ONGC/MRPL''s Aromatic complex being promoted by ONGC.
 
 Present status:
 
 - 65% of the leasable land has already been allotted.
 
 - Pipeline Corridor development - MoEF clearance is awaited for
 construction works at Reach 2 (~ 1.8 km).  Pursuant to presentations to
 Expert Committee of MoEF and clarifications, recommendations have been
 submitted to MoEF, Delhi. Final clearance is awaited. However, interim
 arrangement for laying of OMPL pipelines in this reach has been made,
 thereby facilitating OMPL to utilize the corridor.
 
 - Land acquisition issues at Reach 3 (~1.5 kms) – Gazette notification
 has been issued. Price fixation meeting was held on 23rd Oct''13
 although resolution would take one more round of discussions. However,
 due to Lok Sabha elections and the model code of conduct, further
 discussions could not take place.  Interim arrangement for laying of
 OMPL pipelines in this reach has also been made, thereby facilitating
 OMPL to utilize the corridor.
 
 - River Water infrastructure: Supply to MRPL and OMPL has commenced.
 Water Agreement has been initialled with OMPL and is under finalization
 with MRPL.
 
 vi.  ONGC TERI Biotech Limited (OTBL)
 
 ONGC TERI Biotech Limited (OTBL) which was incorporated on 26th March,
 2007 is a Joint-venture Company of ONGC in association with The Energy
 Research Institute (TERI), with shareholding of 49.98% & 48.02%,
 respectively. Balance 2% is held by FIs. Through the ef forts of joint
 research of ONGC & TERI over the years, OTBL is offering below
 mentioned technologies and providing various Biotechnical Solutions to
 Oil and Gas Industry, both in India and abroad:
 
 I) Oilzapper Technology (Bioremediation)- used to eliminate & tackle
 Oil Spills, Oily Sludge, and hazardous hydro carbon waste;
 
 ii) Paraffin Degrading Bacteria (PDB)- used to prevent Paraffin
 Deposition in Oil well Tubing;
 
 iii) Wax Deposition Prevention (WDP)- used to prevent Paraffin
 Deposition in surface and sub-surface flow lines;
 
 iv) Microbial Enhanced Oil Recovery (MeOR)- used for Enhanced Oil
 Recovery by mobilizing crude oil trapped in pores of Oil Reservoirs.
 
 During 2013-14 the turnover of OTBL was Rs.154.4 Million with Profit af
 ter Ta x of Rs.44.8 Million as against turnover of Rs.136.61 Million and
 Profit after Ta x of Rs.40.05 Million in the previous year.
 
 vii.  Petronet MHB Limited (PMHBL)
 
 - PMHBL is a JV company wherein your company has an equity stake of
 28.766% along with HPCL (28.7%) and PIL (7.898%) with balance 34.57 per
 cent of equity being held by leading banks.
 
 - PMHBL owns and operates a multi–product pipeline to transport MRPL''s
 products to the hinterland of Karnataka.
 
 - In FY''14 PMHBL pipeline has transported a throughput of 3.07 MMT
 against total throughput of 2.82 MMT last year. As per un-audited
 results for the year 2013-14, the turnover and PAT of PMHBL are Rs.1295
 million and Rs.510 million respectively.
 
 viii.  Petronet LNG Limited (PLL)
 
 ONGC has 12.5 per cent equity stake in PLL, identical to stakes held by
 other Oil PSU co-promoters viz., IOCL, GAIL and BPCL. Dahej LNG
 terminal of PLL having a capacity of 10 MMTPA is currently meeting
 nearly 20 per cent of the total gas demand of the country. A new LNG
 terminal of capacity 5 MMTPA has been set up at Kochi and was dedicated
 to the Nation by Hon''ble Prime Minister of India on 4th January, 2014.
 The Company is also planning to set up an LNG terminal of capacity 5
 MMTPA at Gangavaram, Andhra Pradesh.  The turnover of PLL during
 2013-14 is Rs.377,476 million (previous year Rs.314,674 million) and net
 profit is Rs.7,119 million (previous year Rs.11,493 million).
 
 ix.  Pawan Hans Limited (PHL)
 
 ONGC has 49 per cent equity stake in PHL (previously known as Pawan
 Hans Helicopters Limited).  Balance 51 per cent equity is held by the
 Government of India. PHL is one of Asia''s largest helicopter operators
 having a well- balanced operational fleet of 40 helicopters. It
 provides helicopter support for ONGC''s offshore operations. PHL was
 successful in providing all the 12 Dauphin N and N3 helicopters fully
 compliant with AS- 4 as per the new contract with ONGC. The accounts of
 PHL for 2013-14 are under finalisation.
 
 8.  Other New Projects/ Business initiatives
 
 a.  C2-C3-C4 Extraction Plant
 
 Your company has set up a C2-C3-C4 extraction plant at Dahej with LNG
 from Petronet LNG Limited (PLL) as the feed stock. Commissioning of the
 Plant is expected to commence by July 2014. Ministry of Finance, Govt
 of India, vide its notification dated 17th Feb 2014 has resolved
 Taxation issues. Ministry of Petroleum & Natural Gas has allocated
 domestic gas for commissioning of the plant on 11th April 2014.
 
 b.  Urea Fertilizer Business
 
 ONGC signed a Memorandum of Understanding (MoU) with M/s Chambal
 Fertilizers and Chemicals Ltd. (CFCL) and the Government of Tripura for
 setting up a 1.3 MMTPA capacity urea fertilizer plant in Tripura. MoU
 was signed on April 9th, 2013.  Feedstock for the proposed plant
 (Natural gas) will be supplied from Khubal field in AA-ONN-2001/1 block
 where substantial gas reserves have been established. Gas requirement
 for the plant is estimated to be 2.4 mmscmd.  The project cost is
 executives to share documents from their desktops while participating
 in the multiparty video conferencing. Executives on the move can also
 participate in multiparty video conferencing through their smart phone
 device.
 
 - Lotus Connections: To create an environment that facilitates
 collaboration and innovation, ONGC Blog site based on Lotus Connections
 has been launched where users can share information online using
 technologies like blogs, wikis, and activity streams.  Employees have
 started using the platform to share knowledge & opinion.
 
 - Cyber security Crisis management team – To strengthen information
 security management with focus on cyber security, proposal for Cyber
 Security Crisis Management team has been initiated.
 
 - Project IT- Under IT Skill & Proficiency psruk%
 
 Development Programme through Project IT-  psruk continued for the
 year 2013-14 also.
 
 - HIS (Healthcare Information System): Standardized version of HIS -
 which was developed to bring in uniformity in working of ONGC
 health-centers and Hospitals across the organization, has been rolled-
 out across 20 work-centers.
 
 - IT Service Management (ITSM): To improve performance of IT service
 management across the enterprise and for better alignment of IT
 services & business strategy, all IT helpdesk sites have been taken up
 for ISO 20000 Certification. Six sites at Delhi & Mumbai, which were
 already certified for ISO 20000, the certification has been upgraded to
 the latest version.
 
 - Broadband Wireless Access for remotes: To improve IT applications
 performance & voice connectivity at remote installations, the contract
 for Point-to-Multipoint Broadband Wireless Access (BWA) Radio System
 for remote sites at North East & Southern Assets of ONGC was awarded on
 turnkey basis.  The project is under execution.
 
 - Satcom Upgradation: For voice & data communication connectivity,
 remote installations at offshore are primarily dependent on Satcom
 (Satellite communications). This also provides primary connectivity to
 many onshore installations and secondary connectivity to other
 installations at onshore. Satcom infrastructure equipment has become
 old and lived its useful life. The project for Upgradation of Satcom
 Infrastructure has been taken up.
 
 - Microwave backbone: Work for setting up onshore to offshore high
 capacity microwave backbone communication link between
 Uran-Neelam-B193- BPA Offshore Complex, is awarded and shall be in
 service by August 2014. This is the first high capacity microwave
 communication link from base to offshore installations
 
 11.  Health, Safet y and Envir onment(HSE) accreditations
 
 Safety, Occupational health and protection of environment in and around
 its working areas are prime concerns of ONGC. ONGC has implemented
 globally recognized QHSE Management System conforming to requirements
 of QHSE Certifications ISO 9001, ISO 14001 and ISO 18001 (OHSAS) at
 ONGC facilities and certified by reputed certification agencies at all
 its operational units. As on date, 412 Nos of working units have third
 party certified integrated QHSE Management System. ONGC follows the
 internationally accepted practices with regard to incident reporting,
 investigation and monitoring of recommendations.
 
 A few highlights of HSE during 2013-14 are:
 
 - Regular QHSE internal audits
 
 - Fire safety measures including regular fire and earthquake mock
 drills,
 
 - Training on HSE related topics,
 
 - Environmental analysis
 
 - PME of employees and Health Awareness programs
 
 - Water and electricity conservation, Noise and pollution reduction
 measures,
 
 - Material Safety Data Sheets(MSDS),
 
 - Personal protective Equipment''s(PPE),
 
 - Solid waste management and Developing E- waste disposal procedure,
 
 - Jatropha garden and identification and implementation of Environment
 Management Programmes (EMP) and Occupation Health & Safety(OHS)
 programs as per need of the unit,
 
 - Energy conservation awareness through display and communication,
 
 - Accident, near miss and Governance, Risk & Compliance (GRC)
 reporting.
 
 ONGC is now an Accredited Environment Impact Assessment (EIA)
 Consultant organization by Ministry of Environment & Forest (MoEF) in
 Oil and Gas Exploration, Development and Production in Offshore/Onshore
 areas and Petroleum refining industry.
 
 ONGC has undertaken Ringal plantation (Hill bamboo) in Joshimath and
 Kedarnath forest areas of Upper Himalayas to strengthen fragile
 Himalayan eco-system. Plantation of 7.0 Lakh ringal in Upper Himalayas
 has been completed in an area of 280 Hectares. The Next Phase of ringal
 plantation is under progress for planting 3.75 Lakh plants in 150
 Hectares.
 
 A project on mangrove plantation along the shores of Dhadar River on
 West Coast has been taken up by ONGC to protect erosion of the
 shoreline. Phase 1 of the project, more than 17 lakh mangroves have
 been planted in the soil erosion-prone area along the coast of the
 Dhadar River at Ankleshwar.
 
 With a view to seek environmental friendly options for the disposal and
 treatment of accidental oil spillages and the tank bottom sludge
 generated during the routine operations, ONGC explored the
 biotechnological option i.e. bioremediation wherein indigenous
 micro-organisms are isolated and enriched and harnessed on mass scale
 for application in the field. In the year 2013-14, 25000 MT of oily
 waste was treated through this technique in ONGC.
 
 12.  Sustainability Development
 
 ONGC, one of the premier energy majors of the world and the highest
 profit earning PSU of India, realises its responsibilities in ensuring
 sustained development through protection of the ecological system. It
 therefore strives to position itself as a leading organisation in
 sustainable management and is aiming to achieve sustainable development
 through a holistic approach to carbon management. We believe that
 focused carbon management efforts are an ideal route to cover the
 elements of our business specific sustainable development issues across
 the environmental dimension. A critical area of environmental
 sustainability is mitigation of global greenhouse gas from operations.
 It is an organizational objective for us to progressively reduce our
 carbon footprint, by working towards reduction in both direct and
 indirect energy consumption.
 
 The Company proposes to make a comprehensive, organization-wide GHG
 inventory that covers both direct and indirect energy over the next two
 to three years. This would provide the overall carbon footprint of the
 organization and help identify mitigation opportunities. A pilot
 exercise to assess GHG footprint of our representative operating units
 has already been completed. This pilot is now being scaled up into a
 pan ONGC GHG accounting exercise to assess our organisational carbon
 footprint and importantly to undertake a rigorous study for
 identification of all feasible GHG mitigation opportunities.
 
 The following efforts undertaken by ONGC illustrate its commitment to
 sustainable development:
 
 a.  Sustainable Water Management (SWM) Water Mapping:
 
 Water mapping study was completed for Ankleshwar and Rajamundry Assets
 and Hazira Plants. Based on the mapping, following projects have been
 identified for consideration under SWM umbrella:
 
 Reuse and Recycle:
 
 The concept was implemented as a pilot project, an STP of 50 KLD
 capacity was installed in the CISF Colony at Mehsana. The Project was
 executed in February 2014.
 
 In association with Mehsana Asset under SWM program, the following
 gains have accrued:
 
 - Mud Recycled upto 2013-14 =30128 M3
 
 - Fresh Water Saved by Mud Recycling=22596 M3 upto 2013-14,
 
 - Fresh Water Saved by Use of Treated Effulent=212059 M3
 
 - Total Fresh Water Saved=234655 M3 (Upto 2013- 14) starting from
 2009-10.
 
 Desalination: A 20 MLD Desalination plant has been proposed for Uran
 Plant.
 
 Rain water Harvesting
 
 Rain water harvesting projects at various assets, Basins and plants are
 in various stages of implementation. This year harvesting has been
 conceived at Tripura and Ahmedabad Asset which are being implemented.
 Besides, harvesting at Rajahmundry Asset has also been conceptualized
 which will be implemented next year. Rain water harvesting at Vadodara
 has already started and is recharging ground water. More wells are
 being conceptualized to expand the programme.
 
 b.  Carbon Dioxide mitigation and low carbon initiatives
 
 ONGC has also collaborated with Cleen, Finland in the area of carbon
 capture and joined its program.
 
 c.  Clean Development Mechanism (CDM)
 
 ONGC commenced its CDM journey in 2006. Till date, ONGC has registered
 11 CDM projects with UNFCCC.  About 3 new CDM projects have been
 registered and other 3 registered projects have been successfully
 verified for issuance of 182529 CERs (Carbon credits).  These CDM
 projects are listed below:
 
 Registration of new CDM projects
 
 1.  Gas Flaring Reduction at Neelam&Heera Asset
 
 2.  Natural gas based combined cycle power plant in Tripura
 
 3.  Green Building project at Kolkata
 
 Issuance of Registered CDM projects
 
 1.  Waste heat recovery from Process Gas Compressors Mumbai high south
 (offshore platform)
 
 2.  51 MW wind power project of ONGC at Surajbari
 
 3.  Amine Circulation Pumps Energy Efficiency at Hazira Plant, ONGC
 
 d.  Carbon Foot Print
 
 Comprehensive companywide GHG accounting has been completed. With this
 exercise, potential area of carbon management has been identified to
 reduce carbon footprints of ONGC.
 
 e.  3G Bio-refinery
 
 ONGC is planning to setup a 3G bio-refinery to meet the government
 mandate of E95 (blending of 5% ethanol to gasoline).
 
 f.  Solar power CSP-ST technology
 
 CM&SG is in talk with Rippaso Energy for establishing a 3MW pilot solar
 power project at Gamnewala, Jaisalmer.
 
 g.  Carbon neutral PETROTECH 2014:
 
 PETROTECH 2014, a biennial international event has been declared carbon
 neutral. Total 3000 VERs were exchanged to make the event carbon
 neutral. This is second event of its kind that was made carbon neutral
 by CM&SG.
 
 h.  Global Methane Initiative (GMI)
 
 Fugitive emission Identification & Quantification (IQ) jobs have been
 completed as per PC targets.  Ahmedabad Asset and BPA& BPB offshore
 installations were mapped for fugitive emissions. The reports have been
 submitted to respective heads to take corrective actions.
 
 ONGC has provided IQ services to GAIL and Gail Vijapur plant was mapped
 for fugitive emission and thereby earning revenue for the company.
 
 13.  Business Responsibility Report – 2013-14
 
 Securities & Exchange Board of India has introduced Clause 55 to the
 Listing Agreement with the Stock Exchanges, which states that Listed
 entities shall submit, as part of their Annual Report, Business
 Responsibility Report, describing the initiatives taken by them from an
 environmental, social and governance perspective. Accordingly, the
 second Business Responsibility Report – 2013-14 has been drawn up and
 forms part of the Annual Report for 2013-14.
 
 14.  Internal Control System
 
 Your Company has a well-established and efficient internal control
 system and procedure. The Company has a well-defined delegation of
 financial powers to its various executives through the Book of
 Delegated Powers (BDP). The Integrated BDP is updated from time-to-time
 in line with the needs of the organisation as well as to bring further
 delegation. The Company has in-house Internal Audit Depar tment
 commensurate with its size of operations. Audit observations are
 periodically reviewed by the Audit, Ethics & Financial Management
 Committee of the Board and necessary directions are issued whenever
 required.
 
 15.  R&D EFFORTS THROUGH ONGC ENERGY CENTRE TRUST (OECT)
 
 Your company has taken steps to evaluate various forms of energy to
 fulfil the country''s growing energy needs. Towards this end, your
 company has established an ONGC Energy Centre Trust (OECT), which is
 mandated to undertake or assist in programs / projects of fundamental
 and applied research for improving and developing commercially viable
 energy mediums and sources beyond hydrocarbons, especially in clean
 and/or renewable energy options.  ONGC Energy Centre (OEC) has been
 set-up under the aegis of the OEC Trust to work on various clean energy
 options.
 
 Your company through ONGC Energy Centre has been implementing several
 Research Projects on new and alternative sources of energy. These
 Projects are in advanced stages of implementation, in collaboration
 with various national and international academic, research and
 industrial organizations. The projects where your company is currently
 engaged in are:
 
 a) Hydrogen Generation through Thermo-chemical Processes
 
 b) Exploration for Uranium
 
 c) Bioconversion of lignite to Methane
 
 d) Bioconversion of Oil to Methane
 
 e) Kinetic Hydro Power
 
 f) Geothermal Energy
 
 g) Solar Thermal Project
 
 These apart, during 2013-14, ONGC Energy Centre has also evaluated many
 new options to expand the research and technology development
 activities and also to focus on optimum utilization of resources
 available with ONGC. These efforts have been described in detail in the
 Annexure C on Energy Conservation.
 
 16.  Human Resources
 
 ONGC cares and values its human resource which is the bedrock of the
 ONGC''s success story. To keep the employees'' morale high, your Company
 extends several welfare benefits to them and their families by way of
 comprehensive medical care, education, housing and social security.
 During the year 2013-14, your Company implemented 30 Policy Revisions
 for further welfare of its employees.
 
 17.  Human Resource Development
 
 33,988 ONGCians (as on 31st March, 2014) dedicated themselves and
 contributed their efforts towards the excellent performance of your
 company. The workforce intake strategy pursued by your Company caters
 to meeting the demands of maintaining a steady flow of talent, in a
 business which is characterized by high risks and uncertainties,
 enormous costs, fast changing level of technology, physically
 challenging work environment, fluctuating product prices and growing
 competition. Your Company has drawn up a scientific manpower induction
 plan aligned to the business plans as well as factoring the manpower
 profile of the Company.  During the year, HR ensured that adequate
 numbers with requisite skills-sets were inducted to meet the
 requirements of the Company as well as replenish the manpower loss on
 account of superannuation.
 
 Your company believes that continuous development of its human resource
 fosters engagement and drives competitive advantage. One such
 initiative towards that end was the innovatively designed and highly
 popular ''Business Games'', an organization-wide contest that puts to
 test and further hones the managerial and business acumen of the
 executives.  During the year 2013-14, a total of 167 teams and 668
 executives participated in the event.
 
 Fun Team Games (FTGs) were organized for E0 and staff level employees
 to inculcate MDT (Multi- disciplinary Team) concept and a spirit of
 camaraderie and belongingness to the organization, which was very well
 received by the participants. During the year 72 teams and 188
 employees participated in FTGs.  Your Company also conducted the
 Assessment Development Centre (ADC) for 294 E-6 (DGM) level executives
 and provided them developmental inputs.  Your Company has partnered
 with global HR consulting firms to create a pool of accredited mentors
 in the organization. These mentors will support organization''s effort
 to hone young minds to successfully respond to the emerging business
 needs of your Company. As part of this Initiative, in the year 2013-14,
 865 mentors were trained and 1376 Mentees were mentored and developed.
 
 Training
 
 Skill up-gradation is a vital component for driving excellence through
 Human Resource. ONGC has branded the spectrum of its training
 activities as ''EXPONENT'', a comprehensive programme which is nurturing
 the energy leaders of tomorrow. The growth of an ONGCian to an Exponent
 of energy business is facilitated by the ONGC Academy, Regional
 Training Institutes (RTIs), other in-house Institutes in association
 with globally recognized trainers. Training Institutes of ONGC organize
 training in all dimensions - Technical as well as non-technical and
 Managerial that is relevant to Petroleum Industry.
 
 During the year, ONGC training Institutes have organized various
 training Programmes for skill development and enhancing the competency
 level of employees for self-development and enhanced output. A total
 15898 executives and 4564 non- executives were imparted appropriate
 training, spanning 213304 training man-days, during 2013-14, which
 includes five batches of 746 Graduate Trainees, who were imparted
 induction training. In order to keep the executives abreast with the
 latest advancements in cutting-edge concepts and technologies in oil
 and gas exploration and production, 80 programmes were organized during
 2013-14, including foreign faculty programmes.  Around 296 senior level
 executives were exposed to advanced programmes on Management with
 overseas learning component through tie-ups with leading B-schools of
 the country.
 
 As a Global player, it is imperative to benchmark our strengths with
 the world''s best. To achieve this we organize International
 Certification Programs benchmarked to global standards viz. Offshore
 Installation Manager (OIMs) Certification through OPITO, Project
 Management Professionals (PMP) Certification from PMI, USA, CIPM from
 PMA and IPMA from Switzerland. During the year 2013-14, Academy has
 organized 14 OIMs Programmes in which 62 OIMs participated, 450
 executives attended CIPM Programmes, 120 executives attended PMP of
 PMI, USA and 50 executives attended IPMA level-D.
 
 18.  EMPLOYEE WELFARE
 
 Your Company continues to extend welfare benefits to the employees and
 their dependants by way of comprehensive medical care, education,
 housing, and social security. Your Company continues to align company
 policies with changing economy and business environment. Some of the
 key facets of ONGC''s employee welfare model are as below:
 
 (i) Employee Welfare Trusts
 
 Your Company has established the following major Trusts for welfare of
 employees:
 
 - Employees Contributory Provident Fund (ECPF) Trust manages Provident
 Fund accounts of employees of your Company.
 
 - The Post Retirement Benefit Scheme(PRBS) Trust: The scheme underwent
 a major transformation from defined benefit to defined contribution
 during the past year. In the converted Defined Contribution Scheme, the
 corpus in the individual employee account shall include employer/
 employee contributions and interest thereon. The benefits under the
 Scheme are dependent on corpus in the individual employee account and
 accordingly, would be market determined which depends on interest rate,
 annuity price.
 
 - The Composite Social Security Scheme(CSSS): It provides an assured
 ex-gratia payment in the event of unfortunate death or permanent
 disability of an employee in service.
 
 - Gratuity Fund Trust: This has been created to take care of payment of
 gratuity as per the provisions of the Gratuity Act.
 
 - Sahayog Trust: Your Company''s ''Sahayog Yojana'' instituted under this
 Trust provides ex-gratia financial grant for sustenance, medical
 assistance, treatment, rehabilitation, education, marriage of female
 dependent and alleviation of any hardship or distress to secure the
 welfare of the secondary workforce and their kin, who do not have
 adequate means of support. Under the scheme, an amount of ? 20.6
 million was disbursed by the Trust during the year.
 
 - Extension of Benefits under the Agrani Samman Scheme to retired
 employees: The Scheme aims to provide succour to the ex-employees who
 separated from the service of ONGC on account of premature retirement
 due to disability or medical deficiency suffered while on duty.
 
 - Extension of Benefits under the Asha Kiran Scheme to retired
 employees:-
 
 During the year, your Company launched Asha Kiran Scheme to meet the
 emergency needs of the ex- employees retired prior to 01.01.2007, who
 are passing through distressful situation. The scheme was launched as
 per DPE guidelines by creating a corpus of 1.5% of PBT. During the
 year, under this scheme financial assistance of Rs 1352 million was
 provided to 12964 ex-employees.
 
 (ii) Implementation of Govt. Directives for Priority Section
 
 Your Company complies with the Government directives for Priority
 Section of the society. The percentage of Scheduled Castes (SC) and
 Scheduled Tribe (ST) employees were 15.4 % percent and 9.1% percent
 respectively as on 31st March, 2014.
 
 Your Company is fully committed for the welfare of SC and ST
 communities. The following welfare activities are carried out by your
 Company for their upliftment in and around its operational areas:-
 
 - Annual Component Plan
 
 Under Annual Component Plan for SC/ST, each year an allocation of Rs.200
 million is made. Out of this, Rs.60 million is distributed amongst all
 the Work centres of ONGC for taking up activities for welfare of SC/ST
 Communities in and around the areas of our operations. In addition,
 Rs.140 million is managed centrally, and is earmarked for Special
 projects/proposals/schemes for the welfare of areas/persons belonging
 to SC/ST communities The amount under component plan is utilized for
 taking up various welfare measures for the welfare and uplif tment of
 the needy people of SC/ST Communities.  This fund is especially meant
 for providing help and support in Education and Training, Community
 Development and Medical and Health Care.
 
 - Scholarship to SC/ST meritorious students for pursuing higher
 professional courses at different Institutes and Universities in the
 country.
 
 Your Company has recently enhanced scholarships for meritorious SC & ST
 students from 100 to 500 for pursuing higher professional courses at
 different Institutes and Universities across the country in Graduate,
 Engineering, MBBS, PG courses of Geo- Sciences and MBA. The major
 feature of the scheme is that the scholarships have been divided
 equally for both male and female students and the allotted amount of
 scholarship per student is Rs.4,000/- per month subject to the conditions
 of the scheme. The annual budget for the scheme, considering its total
 implementation, is Rs.76 million per annum.
 
 19.  INDUSTRIAL RELATIONS
 
 During the year your Company maintained harmonious Industrial
 Relations. Mandays loss due to internal industrial action was reported
 as ''NIL'' for the year 2013-14.
 
 Your Company has adopted pre-emptive and responsive IR policies that
 resulted in signing of Long Term settlements covering the Post
 Retirement Benefit Scheme, under the Defined Contribution methodology
 and adoption of Group Leave Encashment Scheme of the LIC.
 
 Implementation of the ''Fair Wage Policy'' initiated in Aug 2012, has
 been steadily reported from all work- centers across the country. More
 than 2500 contract labourers have been covered under the Fair Wage
 Policy, while more are due to be covered shortly. The policy enjoins
 the Contractors to pay 35% higher wages as compared to minimum wage.
 This will also have a salutary effect on all statutory liabilities
 towards various social security schemes. The policy also provides that
 the contractors will obtain Group Gratuity cover and Group Insurance
 cover from LIC for the labour deployed in ONGC operations.
 
 20.  Women Empowerment
 
 Women employees constituted over 6 percent of your Company''s workforce.
 During the year, programmes on women empowerment and development,
 including programmes on gender sensitization were organized. Your
 Company actively supported and nominated its lady employees for
 participating in programmes organized by reputed agencies.
 
 21.  GRIEVANCE MANAGEMENT SYSTEM (GMS) :
 
 Your Company provides an easily accessible mechanism to the employees
 for redressal of their grievances, either through an informal channel
 (open hearing day) or through a formal channel.
 
 Public Grievance Management System
 
 All Key Executives of your Company have designated a publicized time
 slot thrice in a week to meet public representatives in order to
 speedily redress their grievances.
 
 22.  IMPLEMENTATION UNDER THE RIGHT TO INFORMATION ACT
 
 An elaborate mechanism has been set up throughout the organization to
 deal with the requests received under RTI Act, 2005.  Central Public
 Information Officers (CPIO) have been appointed at every work centre of
 the Company to redress the issues under RTI Act. 126 applications
 received in March, 2013 were carried forwarded to the year 2013-14.
 1743 applications were received during the year; making a total of 1869
 applications.  In addition, 50 first appeals were carried forward and
 361 were received during the year. All the aforesaid 411 first appeals
 were disposed off by the appellate authority of ONGC and orders passed
 by the authority were complied within a stipulated time frame.
 
 23.  IMPLEMENTATION OF OFFICIAL LANGUAGE POLICY
 
 Your Company makes concerted efforts to spread and promote the Official
 Language. Some of the important steps taken in this regard during the
 year were:
 
 - Company has introduced Unicode Hindi software in all our of fices.
 
 - Hindi workshops are conducted at regular intervals
 
 - Hindi seminars and ''Kavi Gosthies'' were organized at Dehradun and
 Delhi.
 
 - ONGC actively contributed in publishing bilingual Petroleum
 Terminology Directory, initiated by MO&PNG.
 
 - Hindi Teaching Scheme of Govt.  of India is effectively implemented
 at all regional work centres.
 
 24.  IMPROVEMENT IN LIVING AND WORKING CONDITIONS
 
 As a testimony to its commitment for a cleaner tomorrow, your Company
 has undertaken the ''Green Building'' initiative for its upcoming offices
 at Chennai, Dehradun, Delhi, Hyderabad, Kolkata and Mumbai.
 
 Work-Life Balance
 
 Your Company continued in its endeavours to ensure work-life balance of
 its employees. The townships at many work-centres were provided
 facilities like gymnasiums and music rooms. Outbound programmes with
 families were also organized at various work-centres. Plays on the
 importance of ''Work-Life Balance'' were staged to create awareness
 amongst the employees. In addition, cultural programmes involving
 employees and their families were also conducted. Mahila Samitis and
 Resident Welfare Associations (RWAs) were involved in the organization
 of these cultural programs.  Your
 
 Company has an adventure wing named ONGC
 
 Himalayan Association that organizes adventure programmes like
 mountaineering, trekking, white water rafting, snow skiing, desert
 Safari and Aero sports, which contributes toward morale, engagement,
 team spirit, camaraderie, stress management and spirit to explore the
 unknown among the employees.
 
 25.  SPORTS
 
 ONGC continued its support for development of sports in the country in
 the form of job offers & scholarships to deser ving spor tspersons.
 Sponsorships to various sports associations / federations / sports
 bodies to organise sports events as well as develop infra-structure
 were also extended.
 
 The welfare measures for the sportspersons which includes sponsored
 trips for training / coaching stints & tournament participation both
 within India & abroad, kits & liveries and playing equipment as per
 norms have been provided in 23 game disciplines.  There are 177 players
 on the rolls and 167 players on scholarship benefitting from the
 welfare measures of ONGC. The support has aided many sportspersons to
 deliver elite performances and bring laurels for the Nation and the
 Company. Sports achievements during the year are detailed in
 Annexure-B. Such elite performances have been rewarded with cash
 incentives as per Policy.
 
 Head Sports of your company has taken charge as Secretary, Petroleum
 Sports Promotion Board (PSPB), which is recognition of your company''s
 immense contribution towards promotion of sport in the country.
 
 26.  CORPORATE SOCIAL RESPONSIBILITY (CSR)
 
 Your company is fully engaged in ensuring equitable and sustainable
 growth of society in and around the area of its operations besides
 complying with government directives to discharge its social
 responsibility as a leading Indian corporate. CSR activities are
 essentially guided by project based approach in line with the
 guidelines issued by the Department of Public Enterprises (DPE) and
 Ministry of Corporate Affairs (MCA) of the Government of India.
 Seeking to herald an inclusive business paradigm, ONGC has CSR
 interventions that are based on social, environmental, and economic
 considerations and are well-integrated into the decision-making
 structures and processes of the organization. In the last 7 years, your
 company has contributed Rs.13,270 Million towards its well-structured and
 well-focussed CSR activities.
 
 Out of the CSR Budget of Rs.4185 million, ONGC spent an amount of Rs.3413
 million in FY 2013-14. This translates to overall utilization of 86 %
 of the CSR Budget.
 
 Reason for non-utilization of full CSR budget:
 
 One of the major CSR & Sustainability Development projects undertaken
 during the year was setting up of 102 MW Wind Power Plant in Jaisalmer
 District (a back ward district of Rajasthan). The scheduled work on
 this project during the period 2013-14 was delayed because of the
 issues related to land acquisition at the site. As a result,
 expenditure towards activities completed in April''14, which were
 originally planned for 2013-14 amounting to Rs.1247 million was released
 in May, 2014. Had the activities been completed as per schedule, ONGC
 would have exceeded the target amount
 
 CSR efforts are primarily focused on protection of environment;
 providing infrastructure support in our operational areas, water
 management, women empowerment, initiatives for physically and mentally
 challenged people, protection and preservation of our heritage, arts
 and culture, promotion of sports, entrepreneurship building and
 sponsorship of seminars, conferences and workshops.
 
 During 2013-14, some of the landmark CSR initiatives undertaken by your
 Company include:
 
 (a) Healthcare:
 
 (i) Assam Medical College, Dibrugarh:
 
 Support of Rs.70 million has been provided to establish Catheterization
 Laboratory and facilities for open Heart Surgery in Assam Medical
 College, Dibrugarh for providing quality health services.
 
 (ii) Community Hospital in Lakhimpur-Kheri, Uttar Pradesh:
 
 The project is unique in terms of using the PPP model in CSR with full
 Capex of Rs.45 million contribution by ONGC and Opex borne by the
 Operating Partner. This 26 bedded Community Hospital would cater to
 Primary and Secondary Health Service Requirements from BPL,
 Economically Backward Class families.  Healthcare services are being
 provided at 50% less cost than the existing CGHS rates.
 
 (iii) King George Hospital, Vizag:
 
 The CSR Initiative involving financial support of Rs.150 million from
 ONGC aims to construct new 2 9 storied building, medical infrastructure
 and equipment to enable the Hospital to deliver quality health services
 to poor patients and also strengthen the present Oncology Department to
 make cancer treatment a reality.
 
 (iv) District Government Hospital, Chikkaballapur, Karnataka:
 
 A support of Rs. 18 million by ONGC has been provided for upgradation of
 facilities in the Hospital to improve the general healthcare services
 at the government Hospital which is the primary source of healthcare
 for people belonging to the most economically deprived sections of the
 society.
 
 (v) Government General Hospital (GGH), Kakinada:
 
 ONGC has given financial assistance of Rs. 19 million to construct a
 separate building for blood bank and to equip the hospital with
 additional equipment for blood bank, general surgery and general
 medicine departments. This will immensely benefit people of East
 Godavari District where ONGC has a substantial operational presence.
 
 (vi) ONGC Mission Ujala:
 
 The project envisages eye screening of 50,000 children in Government
 Schools in NCR under National Blindness Control Programme of Govt. of
 India in collaboration with reputed NGO PRAANI.  Provisions of
 spectacles to 3,000 children detected with refractive errors along with
 medicines were provided under this project in FY 2013-14.
 
 (b) Education & Vocational courses:
 
 i) Shirdi Sai Baba School in Mahoba, UP:
 
 ONGC has joined hands with Shirdi Sai Baba Temple Society for
 construction and setting up of school for providing absolutely free
 education with food, clothing, study material and healthcare to under-
 privileged children in the backward region of Mahoba District under CSR
 initiative. Out of total estimated cost of Rs. 21 million, a part funding
 of Rs. 9.5 million has been extended by ONGC.
 
 ii) ONGC- The Akshaya Patra Foundation:
 
 A centralized fully automated mechanized kitchen with a capacity to
 provide mid-day meals to two lakh school going children (enrolled in
 Govt. schools) per day in the District of Surat is being set up.
 Presently 75,000 students are being fed from an interim kitchen.
 
 iii) English medium residential school in Patna, Bihar:
 
 ONGC in association with Soshit Seva Sangh has undertaken a CSR
 initiative for supporting construction of free English medium
 residential school in Patna, Bihar for the poor Mushahar community
 which is one of the most deprived communities with estimated population
 of approx.  4 million. Out of total estimated cost of Rs. 120 million,
 part funding of Rs. 5 million has been extended by ONGC. With wider
 objective of resolving interlinked problems of poverty, unemployment,
 social injustice, crime and naxalism by means of providing inclusive
 and affordable education; the project is one of the key initiatives of
 ONGC in the education sector.
 
 iv) Community School at Sitapur, Uttar Pradesh:
 
 The project is unique in terms of using the PPP model in CSR with full
 Capex of Rs. 27 million contribution by ONGC and Opex borne by the
 Operating Partner- Shanti Devi Memorial Charitable Trust.
 
 (c) Projects for Physically and Mentally challenged
 
 i) Aids & Appliances to the physically challenged:
 
 This flagship Project was undertaken with financial implication of Rs.250
 million which covered 45,000 beneficiaries from 39 ONGC operational
 area Districts and 61 Backward Districts in Phase-1 in collaboration
 with Artificial Limbs Manufacturing Corporation of India (ALIMCO) to
 cater to the needs of Orthopedic, hearing and visually challenged
 people by providing suitable Aids and Appliances.
 
 ii) ONGC Centre for vocational rehabilitation for the differently
 abled:
 
 A financial support of Rs.13 million has been provided to Tamana School
 of Hope , Vasant Vihar , New Delhi for setting up of Autism Centre and
 provide vocational training for the mentally challenged young adults
 and children working for their economic rehabilitation by teaching
 relevant vocational skills to them.
 
 (d) Self help and livelihood generation schemes:
 
 i) Mokshagundam Visvesvaraya Centre for training
 
 Master Trainers in Skill Development (MVCTMTSD):
 
 Society for Bharat Ratna Sir M Visvesvaraya National Training Facility
 for Skills for All (BMV NTFSA) in association with ONGC and other
 partnering agencies such as Government of Karnataka, Government of
 India, GAIL, JSW, BEML, Volvo, BOSCH, L&T, Nationalised Banks has
 undertaken to set up Mokshagundam Visvesvaraya Centre for training
 Master Trainers in Skill Development (MVCTMTSD). The main objective of
 the programme is to create Master Trainers in India and to scale-up the
 skill of the technician workforce in the country. Nearly 27,000 Master
 Trainers are expected to be trained in the next 10 years.
 
 ii) Apparel training programme in Chhindwara ( MP):
 
 This project in association with Apparel Training & Design Centre
 (ATDC), Gurgaon, aims to train 180 boys and girls of poor families
 located in tribal areas of Chhindwara district, M.P, to conduct Six
 Diploma/ Certified training courses, which shall be sponsored by ONGC
 at a cost of Rs.5 million. The project guarantees at least 70%
 placements.
 
 iii) Training on agricultural sector and animal husbandry:
 
 Under this project started in October 2013 in association with Shrimad
 Dayanand Vedarsh Mahavidyalaya Trust, New Delhi, one tractor with
 accessories along with hybrid/ disease resistant seeds, different
 manures and fertilizers was procured with the grant provided by ONGC.
 Presently the students of Gurukul are undergoing training as well as
 education in modern practices of agriculture and animal husbandry at
 the Gurukul.
 
 iv) Auto Loans in Chikkaballapur, Karnataka:
 
 The project envisages distribution of auto loans to 200 poor and needy
 beneficiaries; 100 each from Chikkaballapur and Bangalore (Rural)
 districts of Karnataka. The loan is distributed through Canara Bank.
 ONGC has provided financial assistance of Rs. 6 million towards margin
 money @15% for these loans.  The project would be of immense help for
 the poor and needy beneficiaries to become self employed and earn
 livelihood for their families.
 
 v) Udaan:
 
 This is a special Initiative taken up by the Ministry of Home Affairs,
 Govt. of India for the educated youth of Jammu & Kashmir in association
 with National Skill Development Corporation (NSDC). The project aims to
 train Graduates/Post Graduates from J&K to improve their technical
 knowledge and soft skills and enhance their scope for employability.
 ONGC has extended support of Rs. 91 million towards the project.
 
 (e) Development of Backward Districts:
 
 The sustainable development project is being implemented in Jaisalmer,
 a backward district in Rajasthan. Project involves setting up of 49
 Wind Turbine Generators each of capacity of 2.1 MW with total capacity
 of 102.9 MW in association with M/S Suzlon Energy Ltd. ONGC
 contribution towards the project is Rs. 5620 million. 22 nos. of WTG have
 been installed so far.
 
 (f) Other CSR Initiatives:
 
 i) Hortoki Water Supply Scheme: The project aims to create a
 sustainable source of safe drinking water to the people of Hortoki
 Village, Kolasib District, Mizoram. It will supply more than 40 lpcd of
 water till 2043. ONGC has extended support of Rs. 9 million for the
 project.
 
 ii) Rajeev Gandhi International Sports Complex, Dehradun: ONGC in
 association with Govt. of Uttarakhand is working towards building a
 Cricket stadium-cum-sports complex with a capacity of 30,000 people
 extendable to additional seats in future, car parking, a sports
 academy, a club house or Gymnasium, restaurant and other auxiliary
 facilities.  ONGC has extended financial support of Rs. 500 million
 towards the project. The project is expected to be completed in two
 years.
 
 iii) Dashrath Stadium at Agartala: The project aims to create an Indoor
 sports complex in association with DDO Directorate of Youth Affairs.
 ONGC has extended support of Rs. 243 million for the project.
 
 iv) IIIT, Agartala: ONGC has extended support of Rs. 30 million for
 setting up a new IIIT in Agartala.
 
 v) Chief Minister''s Relief Fund: Uttarakhand: ONGC has extended support
 of Rs. 20 million towards rehabilitation of flood af fected regions in
 Uttarakhand.
 
 In addition to above new CSR initiatives undertaken in 2013-14, ONGC
 has continued to support the major CSR interventions initiated in
 previous years. Some of the continued CSR initiatives are (i)
 Varisthajana Swasthya Sewa Abhiyan – provision of health care support
 to elderly through Mobile Medicare Units. (ii) ONGC-GICEIT Computer
 Centre- Employment related computer training to under-privileged youth
 (iii) ONGC-Eastern Swamp Deer Conservation Project in Kaziranga
 National Park (iv) Harit Moksha – Green cremation system to reduce wood
 consumption during traditional cremations.
 
 As a testimony to our CSR efforts, your company has won many laurels
 such as:
 
 1.  Golden Peacock Award 2013 for CSR during 8th International
 Conference on Corporate Social Responsibility-2014
 
 2.  ''Global CSR Excellence and Leadership Awards'' for best CSR
 Practices in areas of health
 
 3.  P L Roy CSR Award on ''International Day of Older Persons'' for
 support to the elderly through its CSR initiative ''Varishthajana
 Swasthya Sewa Abhiyan''
 
 4.  SCOPE Meritorious Award for CSR & Responsiveness for the year
 2011-12 on the occasion of Public Sector Day
 
 27.  ACCOLADES
 
 Consistent with the trend in preceding years, your Company, its various
 operating units and its senior management have been recipients of
 various awards and recognitions. Details of such accolades are placed
 at Annexure – ''B''.
 
 28.  DIRECTORS'' RESPONSIBILITY STATEMENT
 
 Pursuant to the requirement under Section 217(2AA) of the Companies
 Act, 1956, with respect to Directors'' Responsibility Statement, it is
 hereby confirmed that:
 
 (i) In the preparation of the annual accounts, the applicable
 accounting standards have been followed and there are no material
 departures from the same;
 
 (ii) The Directors have selected such accounting policies and applied
 them consistently and made judgements and estimates that are reasonable
 and prudent, so as to give a true and fair view of the state of affairs
 of the Company as at 31st March, 2014 and of the profit of the Company
 for the year ended on that date;
 
 (iii) The Directors have taken proper and sufficient care for the
 maintenance of adequate accounting records in accordance with the
 provisions of the Companies Act, 1956, for safeguarding the assets of
 the Company and for preventing and detecting fraud and other
 irregularities; and
 
 (iv) The Directors have prepared the annual accounts of the Company on
 a ''going concern'' basis.
 
 29.  CORPORATE GOVERNANCE
 
 Your Company has taken structured initiatives towards Corporate
 Governance and its practices are valued by various stakeholders. The
 practices emanate from the need to position multi-layered checks and
 balances at various levels to ensure transparency of its operations in
 the decision making process.
 
 In terms of Clause 49 of the Listing Agreement, a report on Corporate
 Governance for the year ended March 31, 2014, supported by a
 certificate from the Company''s Statutory Auditors confirming compliance
 of conditions, forms part of this Report.
 
 ONGC has implemented the mandatory Guidelines of Department of Public
 Enterprises (DPE), Government of India, on Corporate Governance to the
 maximum extent possible.
 
 Your Company has voluntarily got its Secretarial Compliance Audit
 conducted for the financial year ended 31st March, 2014 from M/s A.N.
 Kukreja& Co., Company Secretaries in whole-time practice; their report
 forms part of this Annual Report.
 
 In line with global practices, your Company has made available all
 information, required by investors, on the Company''s corporate website
 www.ongcindia.com
 
 Apart from the mandatory measures required to be implemented as a part
 of Corporate Governance, ONGC has gone the extra mile in this regard
 for the benefit of its stakeholders:
 
 i.  Whistle Blower Policy: A total of 27 Protected
 
 Disclosures till date have been processed through the Whistle Blower
 mechanism of ONGC which was implemented from December 01, 2009. The
 policy ensures that a genuine Whistle Blower is granted due protection
 from any victimization. The Policy is applicable to all employees of
 the Company and has been uploaded on the intranet of the Company.
 
 ii.  MCA Voluntary Guidelines on Corporate Governance: ONGC has
 implemented the voluntary guidelines on Corporate Governance issued by
 Ministry of Corporate Affairs to the extent feasible and within the
 competency domain of the management.
 
 iii.  Enterprise-wide Risk Management (ERM) framework: In line with the
 requirements of Clause 49 (of the Listing Agreement), your Company has
 developed and rolled out a comprehensive Enterprise-wide Risk
 Management (ERM) Policy throughout the organization. The Audit, Ethics
 & Financial Management Committee periodically reviews the risk
 assessment and minimization process in ONGC.
 
 iv.  Lead Independent Director: Shri. Arun Ramanathan was the Lead
 Independent Director till conclusion of his term on 19.06.2014. The
 election of next Lead Independent Director shall be decided by the
 Independent Directors.
 
 v.  Meeting of Independent Directors: The Independent Directors met
 once during 2013-14.
 
 30.  STATUTORY DISCLOSURES
 
 Section 274(1)(g) of the Companies Act, 1956 is not applicable to the
 Government Companies. Your Directors have made necessary disclosures,
 as required under various provisions of the Act and Clause 49 of the
 Listing Agreement.
 
 Particulars of Employees
 
 As per Notification No. GSR 289(E) dated March 31, 2011 issued by the
 Ministry of Corporate Affairs, amending provisions of the Companies
 (Particulars of Employees) Rules, 1975 issued in terms of section
 217(2A) of the Companies Act, 1956, it is not necessary for Government
 companies to include the particulars of employees drawing salaries of
 Rs.6 million or more per annum, employed throughout the financial year
 or, Rs.0.5 million per month, if employed for part of the financial year.
 As your company is a Government company, the information has not been
 included as a part of the Directors'' Report.
 
 31.  ENERGY CONSERVATION
 
 The information required under section 217(1)(e) of the Companies Act,
 1956, read with the Companies (Disclosure of Particulars in the Report
 of Board of Directors) Rules, 1988, is annexed as Annexure – ''C''.
 
 32.  AUDITORS
 
 The Statutory Auditors of your Company are appointed by the Comptroller
 & Auditor General of India (C&AG). M/s Mehra Goel & Co, M/s S Bhandari
 & Co, M/s Ray & Ray, M/s Varma & Varma and M/s G D Apte & Co.,
 Chartered Accountants were appointed as joint Statutory Auditors for
 the financial year 2013-14. The Statutory Auditors have been paid a
 remuneration of Rs.22.92 million (previous year Rs.20.21 million) towards
 audit fee and certification of Corporate Governance Report. The above
 fees are exclusive of applicable ser vice ta x and reimbursement of
 reasonable travelling and out of pocket expenses actually incurred.
 
 33.  Auditors'' Report on the Accounts
 
 The Comments of Comptroller & Auditor General of India (C&AG) form part
 of this Report as per
 
 Annexure-''D''. There is no qualification in the Auditors Report and
 there are no supplementary comments by C&AG under section 619(4) of the
 Companies Act, 1956. Notes to the Accounts referred to in the Auditors
 Report are self-explanatory and therefore do not call for any further
 comments.
 
 You would be pleased to know that your Company has received Nil
 comments from C&AG and Statutory Auditors for the year 2013-14. This is
 the eighth year in a row that the organization has received Nil
 comments.
 
 34.  COST AUDIT
 
 Seven firms of Cost Accountants were appointed as Cost Auditors for
 auditing the cost accounts of your Company for the year ended 31st
 March, 2014 by the Board of Directors. The Cost Audit Report for the
 year 2012-13 has been filed under XBRL mode within the due date of
 filing.
 
 35.  DIRECTORS
 
 Since the 20th Annual General Meeting held on 25.09.2013, Shri
 Shaktikanta Das, Government Nominee Director resigned on 29.12.2013,
 Shri P K Borthakur Director (Offshore) superannuated on 31.01.2014,
 Shri Sudhir Vasudeva, Chairman & Managing Director superannuated on
 28.02.2014.  The term of Dr. D. Chandrasekharam concluded on 10.03.2014
 and that of Prof Deepak Nayyar and Shri Arun Ramanathan concluded on
 19.06.2014. Shri K S Jamestin, Director (HR) superannuated on
 31.07.2014.
 
 Shri T K Sengupta took over as Director (Offshore) on 01.02.2014. Shri
 Dinesh Kumar Sarraf assumed charge of the post of Chairman & Managing
 Director on 01.03.2014. Dr. Subhash Chandra Khuntia, Additional
 Secretary & FA, Ministry of Petroleum & Natural Gas, joined the Board
 as Government nominee Director on 01.05.2014. Shri Ashok Varma took
 over the charge of Director (Onshore) on 19.06.2014 and Shri Desh
 Deepak Misra assumed the charge of Director (HR) on 01.08.2014.
 
 Shri P Umashankar and Shri S Ravi joined the Board on 29.11.2013 and
 Shri R K Singh joined the Board on 23.05.2014 as non-official part-time
 directors
 
 The Board places on record its deep appreciation for the excellent
 contributions made by Shri Shaktikanta Das, Shri P K Borthakur, Shri
 Sudhir Vasudeva, Dr. D.  Chandrasekharam, Prof. Deepak Nayyar, Shri
 Arun Ramanathan and Shri K S Jamestin during their tenure.
 
 The strength of the Board of Directors of ONGC as on August 5, 2014 is
 15, comprising 7 Executive Directors (Functional Directors including
 CMD) and 8 Non- Executive Directors, out of which two are Government
 nominees and six are Independent Directors. Ministry of Petroleum &
 Natural Gas has been requested to appoint requisite number of
 Independent Directors to comply with the Listing Agreement.
 
 36.  Acknowledgement
 
 Your Directors are highly grateful for all the help, guidance and
 support received from the Ministry of Petroleum and Natural Gas,
 Ministry of Finance, DPE, MCA, MEA, and other agencies in Central and
 State Governments. Your Directors acknowledge the constructive
 suggestions received from Statutory Auditors and Comptroller & Auditor
 General of India and are grateful for their continued support and
 cooperation.
 
 Your Directors thank all share-owners, business partners and members of
 the ONGC Family for their faith, trust and confidence reposed in ONGC.
 
 Your Directors wish to place on record their sincere appreciation for
 the unstinting efforts and dedicated contributions put in by the
 ONGCians at all levels, to ensure that the Company continues to grow
 and excel.
 
 Place : New Delhi               On behalf of the Board of Director
 
 Date  : 8th August 2014                      (Dinesh Kumar Sarraf)
 
                                      Chairman & Managing Director
 
 
 
 
 
 
 
Source : Dion Global Solutions Limited
Quick Links for oilnaturalgascorporation
Explore Moneycontrol
Stocks     A | B | C | D | E | F | G | H | I | J | K | L | M | N | O | P | Q | R | S | T | U | V | W | X | Y | Z | Others
Mutual Funds     A | B | C | D | E | F | G | H | I | J | K | L | M | N | O | P | Q | R | S | T | U | V | W | X | Y | Z
Copyright © e-Eighteen.com Ltd. All rights reserved. Reproduction of news articles, photos, videos or any other content in whole or in part in any form or medium without express written permission of moneycontrol.com is prohibited.