ONGC Ltd will redraw its long-term roadmap in coming days to bring it in line with the changed operating realities of the company, the state-owned company’s chairman and managing director Shashi Shanker said.
The company’s current vision document, known as Perspective Plan 2030, was drawn up seven years ago and laid out the company’s long term goals and plans.
However, said Shanker, ONGC’s business has undergone a tremendous transformation in the last seven years, requiring it to now redraw its plans under a new document — Strategic Roadmap 2040.
The company has gone from a largely India-centric oil and gas producer to one that has producing assets across the world.
ONGC’s output from outside India increased to over 14 million tons of oil equivalent last year from 12.80 in FY17. Gas output increased to 23.5 billion cubic meters from 22 BCM in FY’17.
The company also recently purchased Government of India’s promoter stake in oil retailer Hindustan Petroleum Corporation, entering a new segment.
“Our portfolio has seen a metamorphic change in the last decade,” the CMD said. “Today our business portfolio includes E&P, Refining, Petrochemicals, LNG, Pipelines, Retail, SEZ Infrastructure, Power etc.
“While these developments open up new vistas and opportunities for the Company, they also add layers of complexity to our decision-making and strategic framework,” he said.
ONGC’s ‘Strategic Roadmap 2040’ will “reframe the vision and recast the objectives of Perspective Plan 2030”, he added.
Overseas production recorded another strong year of growth. O+OEG Vankorneft and Lower Zakum in UAE were milestone acquisitions which instil confidence in the growth story going forward. Performance of domestic subsidiaries and JVs was also impressive.
