61-571: The Oil and Natural Gas Corporation Limited ( ONGC ) is an Indian central public sector undertaking which is the largest government-owned oil and gas explorer and producer in the country. It accounts for around 70 percent of India's domestic production of crude oil and around 84 percent of natural gas . Headquartered in Delhi , ONGC is under the ownership of the Government of India and administration of Ministry of Petroleum and Natural Gas . It
122-725: A 726.6 MW CCGT thermal power generation project at Palatana in Tripura which supply electricity to the power deficit areas of the northeastern states of the country. OTPC has 2 no 9FA machines supplied by GE USA. ONGC Petro additions Limited (OPaL), a multi-billion joint venture company was incorporated in 2006, as a Public Limited Company under the Companies Act, 1956, promoted by ONGC Gas Authority of India Limited (GAIL), and Gujarat State Petroleum Corporation (GSPC). ONGC owns 49.36% of shares in OPaL, while GAIL has 49.21% per cent and
183-508: A Miniratna and have 4 independent directors on its board before it can be made a Navratna. PSUs in India are also categorized based on their special non-financial objectives and are registered under Section 8 of Companies Act , 2013 (erstwhile Section 25 of Companies Act, 1956). Public Sector Undertakings (PSUs) can be classified as Central Public Sector Undertakings (CPSUs) or State Public Sector Undertakings (SPSUs). CPSUs are administered by
244-436: A global decline of production from matured fields, ONGC has maintained production from its brownfields like Mumbai High , with the help of aggressive investments in various IOR (Improved Oil Recovery) and EOR ( Enhanced Oil Recovery ) schemes. ONGC has many matured fields with a current recovery factor of 25–33%. Its Reserve Replacement Ratio for between 2005 and 2013, has been more than one. During FY 2012–13, ONGC had to share
305-515: A revenue of about ₹24,430,000,000,000 + ₹1,000,000,000,000 during the financial year 2018–19. When India achieved independence in 1947, it was primarily an agrarian entity, with a weak industrial base. There were only eighteen state-owned Indian Ordnance Factories , previously established to reduce the dependency of the British Indian Army on imported arms. The British Raj had previously elected to leave agricultural production to
366-429: A self-sufficient, largely agrarian, communal village-based existence for India in the first half of the 20th century. Other contemporary criticisms of India's public sector targeted the lack of well-funded schools, public libraries, universities, hospitals and medical and engineering colleges; a lack seen as impeding an Indian replication of Britain's own industrialization in the previous century. Post-Independence,
427-458: A total of $ 2.47 billion. In June 2015, Oil and Natural Gas Corporation (ONGC) gave a ₹ 27bn ($ 427m) offshore contract for the Bassein development project to Larsen & Toubro (L&T). In February 2016, the board of ONGC approved an investment of ₹ 5,050 crore in Tripura for drilling of wells and creation of surface facilities to produce 5.1 million standard cubic feet per day gas from
488-553: Is a scientific agency of India. It was founded in 1851, as a Government of India organization under the Ministry of Mines , one of the oldest of such organisations in the world and the second oldest survey in India after the Survey of India (founded in 1767), for conducting geological surveys and studies of India , and also as the prime provider of basic earth science information to government, industry and general public, as well as
549-542: Is an Indian state-owned oil and natural gas company with its headquarters at Mumbai, Maharashtra . It has about 25% market-share in India among public-sector companies (PSUs) and a strong marketing infrastructure. Oil and Natural Gas Corporation owns 51.11% shares in HPCL and others are distributed amongst financial institutes, public and other investors. The company is ranked 367th on the Fortune Global 500 list of
610-463: Is an oil refinery at Mangalore. MRPL has a design capacity to process 15 million metric tons per annum and has 2 Hydrocrackers producing Premium Diesel (High Cetane). It also has 2 CCRs producing Unleaded Petrol of High Octane. ONGC Mangalore Petrochemicals Limited (OMPL) is an Indian company promoted by Oil and Natural Gas Corporation (ONGC) and Mangalore Refinery and Petrochemicals Limited (MRPL). Both ONGC and MRPL hold respectively 49% and 51% stake in
671-630: Is denoted in %, as of 30 September 2024 ): Currently there are 43 Regional Rural Banks in India, as of 1 April 2020: Andhra Pradesh Arunachal Pradesh Assam Bihar Chhattisgarh Gujarat Haryana Himachal Pradesh Jammu and Kashmir Jharkhand Karnataka Kerala Madhya Pradesh Maharashtra Manipur Meghalaya Mizoram Nagaland Odisha Puducherry Punjab Rajasthan Tamil Nadu Telangana Tripura Uttar Pradesh Uttarakhand West Bengal Geological Survey of India The Geological Survey of India ( GSI )
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#1732790175642732-411: Is further classified into Strategic Sector and Non-Strategic Sector. Depending on their financial performance and progress, CPSUs are granted the status of Maharatna , Navaratna , and Miniratna (Category I and II). Following India's independence in 1947, the limited pre-existing industries were insufficient for sustainable economic growth . The Industrial Policy Resolution of 1956 , adopted during
793-483: Is highly sought after in India due to high pay and its job security , with most preferring candidates with a GATE score. In 1951, there were five PSUs under the ownership of the government. By March 2021, the number of such government entities had increased to 365. These government entities represented a total investment of about ₹ 16,410,000,000,000 as of 31 March 2019. Their total paid-up capital as of 31 March 2019 stood at about ₹200.76 lakh crore. CPSEs have earned
854-472: Is known internationally since several of the players of India's national basketball team have played there. These players include Vishesh Bhriguvanshi , Amritpal Singh , Yadwinder Singh , and others. ONGC Tripura Power Company (OTPC) is a joint venture which was formed in September 2008 between ONGC, Infrastructure Leasing and Financial Services Limited and the government of Tripura . It has developed
915-546: Is the international arm of ONGC. It was rechristened on 15 June 1989. The primary business of ONGC Videsh is to prospect for oil and gas acreages outside India, including exploration, development and production of oil and gas. It currently has 38 projects across 17 countries. Its oil and gas production reached 8.87 MMT of O+oEG in 2010, up from 0.252 MMT of O+OEG in 2002/03. ONGC holds 100% stake in ONGC Videsh Limited. Hindustan Petroleum Corporation Limited (HPCL)
976-506: Is under the ownership of the Government of India or state governments .These type of firms can also be a joint venture of multiple PSUs. These entities perform commercial functions on behalf of the government. Depending on the level of government ownership, PSUs are officially classified into two categories: Central Public Sector Undertakings ( CPSUs ), owned by the central government or other CPSUs; and State Public Sector Undertakings ( SPSUs ), owned by state governments. CPSU and SPSU
1037-720: The Bombay Stock Exchange , where it is a constituent of the BSE SENSEX index, and the National Stock Exchange of India , where it is a constituent of the S&;P CNX Nifty . As on 31 March 2013, Government of India held around 69% equity shares in ONGC. Over 480,000 individual shareholders hold approx. 1.65% of its shares. Life Insurance Corporation of India is the largest non-promoter shareholder in
1098-535: The British Geological Survey , was appointed 'Surveyor of coal districts and superintendent of coal works, Bengal' on 3 December 1845 and arrived in India the following February. The phrase "Geological Survey of India" was first used on his Dec 1847 map of the Damoodah and Adji Great Coal Field , together with Horizontal and Vertical sections of the map. On 4 February 1848, he was appointed
1159-667: The Geological Survey of India . A delegation under the leadership of the Minister of Natural Resources visited several European countries to study the status of the oil industry in those countries and to facilitate the training of Indian professionals for exploring potential oil and gas reserves. Experts from Romania , the Soviet Union , the United States and West Germany subsequently visited India and helped
1220-556: The Ministry of Heavy Industries and Public Enterprises . The Department of Public Enterprises (DPE), Ministry of Finance is the nodal department for all the Central Public Sector Undertakings (CPSUs). As of October 2021, there are 13 Maharatnas, 14 Navratnas and 72 Miniratnas (divided into Category 1 and Category 2). Currently there are 12 Nationalised Banks in India (Government Shareholding power
1281-609: The Planning Commission was formed by a cabinet resolution in March 1950 and the Industrial (Development and Regulation) Act was enacted in 1951 with the objective of empowering the government to take necessary steps to regulate industry. The first Prime Minister of India, Jawaharlal Nehru , promoted an economic policy based on import substitution industrialisation and advocated a mixed economy . He believed that
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#17327901756421342-602: The Private sector , with tea processing firms, jute mills (such as the Acland Mill ), railways , electricity utilities, banks, coal mines, and steel mills being just some of the economic entities largely owned by private individuals like the industrialist Jamsetji Tata . Other entities were listed on the Bombay Stock Exchange . Critics of private ownership of India's agricultural and industrial entities—most notably Mahatma Gandhi's independence movement—instead advocated for
1403-702: The Second Five-Year Plan , laid the framework for PSUs. The government initially prioritized strategic sectors, such as communication, irrigation, chemicals, and heavy industries , followed by the nationalisation of corporations . PSUs subsequently expanded into consumer goods production and service areas like contracting, consulting, and transportation. Their goals include increasing exports, reducing imports, fostering infrastructure development, driving economic growth, and generating job opportunities. Each PSU has its own recruitment rules and employment in PSUs
1464-585: The "Geological Surveyor of the Geological Survey of India", but he fell off his elephant and, soon after, died with his assistant, F. B. Jones, of 'jungle fever' on 15 November 1848, after which John McClelland took over as the "Officiating Surveyor" until his retirement on 5 March 1851. Until 1852, Geological Survey primarily remained focused on exploration for coal, mainly for powering steam transport, oil reserves, and ore deposits, when Sir Thomas Oldham , father of Richard Dixon Oldham , broadened
1525-679: The Assam-Arakan Fold Belt and East coast basins (both onshore and offshore). In 1963, ONGC discovered oil and gas sites in Sivasagar district and established oilfields in Lakua, Gelekey, and Rudrasagar. ONGC went offshore in the early 1970s and discovered a giant oil field in the form of Bombay High , now known as Mumbai High. This discovery, along with subsequent discoveries of huge oil and gas fields in Western offshore changed
1586-728: The Central Government may, from time to time, assign to it ". The act further outlined the activities and steps to be taken by ONGC in fulfilling its mandate. Since its inception, ONGC has been instrumental in transforming the country's limited upstream sector into a large viable playing field, with its activities spread throughout India and significantly in overseas territories. In the inland areas, ONGC not only found new resources in Assam but also established new oil province in Cambay basin (Gujarat), while adding new petroliferous areas in
1647-532: The Government of India decided to develop the oil and natural gas resources in the various regions of the country as part of the Public Sector development. With this objective, an Oil and Natural Gas Directorate was set up towards the end of 1955, as a subordinate office under the then Ministry of Natural Resources and Scientific Research. The department was constituted with a nucleus of geoscientists from
1708-581: The Indian government. At the time, ONGC employed 48,000 people and had reserves and surpluses worth ₹ 104.34 billion, in addition to its intangible assets. The corporation's net worth of ₹ 107.77 billion was the largest of any Indian company. In 1958 the then Chairman, Keshav Dev Malaviya, held a meeting with some geologists in the Mussoorie office of the Geology Directorate where he accepted
1769-567: The Iran venture. This resulted in the discovery of the Rostum oilfield in the early 'sixties, very soon after the discovery of Ankleshwar in Gujarat. This was the very first investment by the Indian public sector in foreign countries and oil from Rostum and Raksh was brought to Cochin where it was refined in a refinery built with technical assistance from Phillips. In 2003, ONGC Videsh Limited (OVL),
1830-424: The ambit of the scope of functioning of the Geological Survey of India by advancing the argument with the government that it was not possible to find coal without first mapping the geology of India. Thus, the Geological Survey commenced to map the rock types, geological structures and relative ages of different rock types . The age of rock strata was estimated from the presence of index fossils , which consumed much of
1891-763: The central government established the higher Maharatna category, which raises a public sector unit's investment ceiling from ₹1,000 crore to ₹5,000 crores. The Maharatna public sector units can now decide on investments of up to 15 per cent of their net worth in a project while the Navaratna companies could invest up to ₹1,000 crore without explicit government approval. Two categories of Miniratnas afford less extensive financial autonomy. Guidelines for awarding Ratna status are as follows: The average annual Net worth of ₹10,000 crores for three years, OR Average annual Turnover of ₹20,000 crore for three years (against Rs 25,000 crore prescribed earlier) A PSU must first be
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1952-577: The company with 7.75% shareholding. As of 31 March 2024, the company has 25,847 employees, out of which 2,043 are women (7.9%). Despite being owned by the government of India, ONGC has repeatedly been found not claiming its rightful payments from private players, especially for the use of oil fields, oil rigs and concessions. Public Sector Undertakings in India Public Sector Undertakings ( PSU ) in India are government-owned entities in which at least 51% of stake
2013-1042: The company.OMPL is a Subsidiary Company of MRPL and also a PSU behalf of share pattern of OMPL. It was incorporated on 19 December 2006. The OMPL complex spans 442 acres of land in Mangalore Special Economic Zone (SEZ). The project cost was estimated at ₹ 5750 crores. The complex is connected with MRPL Refinery, from where they feed to the complex is supplied. It is 14 km away from the New Mangalore Port and about 15 km from Mangalore International Airport. ONGC has held many sport teams, such as athletics , badminton , basketball , boxing , chess , cricket , cue sports , carrom , field hockey , football , kabaddi , shooting , table tennis , tennis , volleyball and wrestling . Its football team, ONGC F.C. , once played in Indian I-League . The basketball team, in particular,
2074-537: The complex was officially commissioned in 2017 by Prime Minister Narendra Modi . The project involved an investment of around ₹ 30,000 crore (equivalent to ₹ 420 billion or US$ 5.0 billion in 2023) and is part of India's first Petroleum, Chemicals and Petrochemicals Investment Region . As of 2023, it has an annual production capacity of 1.5 million tons of polymers (1,100 KTPA Ethylene , 400 KTPA Propylene ), along with 0.5 million tons of various other petrochemical products using associated units like
2135-423: The crisis, the government began divesting its ownership of several PSUs to raise capital and privatize companies facing poor financial performance and low efficiency. The public sector undertakings are headed by the head of board of directors also known as chairperson cum managing director cum chief executive officer and a vice chairperson cum deputy managing director cum co-chief executive officer along with
2196-492: The diameter of the Earth's core. On 8 April 2017 GSI began pilot project, with the first ever aerial survey of mineral stocks by GSI, to map the mineral stocks up to a depth of 20 km using specially-equipped aircraft. The GSI was restructured into 5 Missions, respectively relating to "Baseline Surveys";"Mineral resource Assessments";"Geoinformatics";"Multi-disciplinary Geosciences"; and "Training and Capacity Building", on
2257-626: The division of ONGC concerned with its foreign assets, acquired Talisman Energy 's 25% stake in the Greater Nile Oil project. In 2006, a commemorative coin set was issued to mark the 50th anniversary of the founding of ONGC, making it only the second Indian company ( State Bank of India being the first) to have such a coin issued in its honour. In 2011, ONGC applied to purchase 2000 acres of land at Dahanu to process offshore gas. ONGC Videsh, along with Statoil ASA ( Norway ) and Repsol SA ( Spain ), has been engaged in deep-water drilling off
2318-510: The entire oil and gas industry. It is involved in exploring for and exploiting hydrocarbons in 26 sedimentary basins of India, owns and operates over 11,000 kilometers of pipelines in the country and operates a total of 210 drilling and workover rigs. Its international subsidiary ONGC Videsh currently has projects in 15 countries. ONGC has discovered 7 out of the 8 producing Indian Basins, adding over 7.15 billion tonnes of In-place Oil & Gas volume of hydrocarbons in Indian basins. Against
2379-575: The establishment of basic and heavy industry was fundamental to the development and modernisation of the Indian economy. India's second five year plan (1956–60) and the Industrial Policy Resolution of 1956 emphasized the development of public sector enterprises to meet Nehru's national industrialisation policy. His vision was carried forward by V. Krishnamurthy , a figure known as the "Father of Public sector undertakings in India". Indian statistician Prasanta Chandra Mahalanobis
2440-857: The exploration of deepwater and ultra-deepwater, despite the ongoing decrease in the company's production of oil and gas. In May 2023, ONGC announced that it would start its oil production in the Krishna Godavari Basin by June and appointed Manish Patil as its director of human resources. ONGC's operations include conventional exploration and production, refining and progressive development of alternate energy sources like coal-bed methane and shale gas. The company's domestic operations are structured around 11 assets (predominantly oil and gas producing properties), 7 basins (exploratory properties), 2 plants (at Hazira and Uran) and services (for necessary inputs and support such as drilling, geo-physical, logging and well services). ONGC Videsh Limited (OVL)
2501-1110: The geologists' efforts in finding these index fossils, as the method of Radiometric dating for estimating the age of rock strata was not developed at that time. In 1869 Frederick Richard Mallet was first to visit Ramgarh crater . Later studies include by those of Arthur Lennox Coulson In 19th century GSI undertook several surveys including Great Trigonometrical Survey , 1869 Kailash - Mansarovar expedition, 1871-1872 Shigache – Lhasa expedition, 1873-1874 Yarkand – Kashgar expedition, second expedition of this area by Sir Thomas Douglas Forsyth , 1878-1882 Darjeeling – Lhasa – Mongolia expedition, etc. The native surveyors were called pandit , some notable ones include cousins Nain Singh Rawat and Krishna Singh Rawat . In 19th and early 20th century GSI made important contributions to Seismology by its studies and detailed reports on numerous Indian earthquakes. Richard Dixon Oldham , like his father also worked for GSI, first correctly identified p- and s-waves , and hypothesised and calculated
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2562-509: The global market so as to "support [them] in their drive to become global giants". Financial autonomy was initially awarded to nine PSUs as Navratna status in 1997. Originally, the term Navaratna meant a talisman composed of nine precious gems. Later, this term was adopted in the courts of the Gupta emperor Vikramaditya and Mughal emperor Akbar , as the collective name for nine extraordinary courtiers at their respective courts. In 2010,
2623-485: The government with their expertise. Soviet experts later drew up a detailed plan for geological and geophysical surveys and drilling operations to be carried out in the 2nd Five Year Plan (1956–61) . In April 1956, the Government of India adopted the Industrial Policy Resolution , which placed Mineral Oil Industry among the schedule 'A' industries, the future development of which was to be
2684-642: The government. In October 1959, the commission was converted into a statutory body by an act of the Indian Parliament, which enhanced powers of the commission further. The main functions of the Oil and Natural Gas Commission subject to the provisions of the Act were "to plan, promote, organize and implement programs for development of Petroleum Resources and the production and sale of petroleum and petroleum products produced by it, and to perform such other functions as
2745-602: The highest ever under-recovery of ₹ 89765.78 billion (an increase of ₹ 17889.89 million over the previous financial year) towards the under-recoveries of Oil Marketing Companies ( IOC , BPCL and HPCL ). On 1 November 2017, the Union Cabinet approved ONGC for acquiring a majority 51.11% stake in Hindustan Petroleum Corporation Limited (HPCL). On 30 January 2018, ONGC completed the acquisition of 51.11% stake in HPCL. Before
2806-552: The importance of oil and gas for rapid industrial development and its strategic role in defence. Consequently, while framing the Industrial Policy Statement of 1948, the development of the petroleum industry in the country was considered to be of utmost necessity. Until 1955, private oil companies mainly carried out exploration of hydrocarbon resources of India. In Assam , the Assam Oil Company
2867-469: The independence of India in 1947, the Assam Oil Company in the north-eastern and Attock Oil Company in the north-western part of the undivided India were the only oil-producing companies, with minimal exploration input. The major part of Indian sedimentary basins was deemed to be unfit for the development of oil and gas resources. After independence, the Central Government of India realized
2928-725: The members of the board of directors also known as executive director cum c-level officer who are Group 'A' gazetted officers appointed by the President of India in case of central public sector undertakings, its subsidiaries & its divisions and appointed by the Governor of States of India in case of state public sector undertakings, its subsidiaries & its divisions. All of the public sector undertakings have been awarded additional financial autonomy. Public Sector Undertakings are government establishments that have comparative advantages", giving them greater autonomy to compete in
2989-495: The national consensus turned in favor of rapid industrialisation of the economy, a process seen as the key to economic development, improved living standards and economic sovereignty. Building upon the Bombay Plan , which noted the necessity of government intervention and regulation in the economy, the first Industrial Policy Resolution announced in 1948 laid down in broad strokes such a strategy of industrial development. Later,
3050-553: The need for ONGC to go outside India too in order to enhance Indian owned capacity for oil production. The argument in support for this step, by LP Mathur and BS Negi, was that Indian demand for crude would go up at a faster rate than discoveries by ONGC in India. Malaviya followed this up by making ONGC apply for exploration licences in the Persian Gulf. Iran gave ONGC four blocks and Malaviya visited Milan and Bartlseville to request ENI and Phillips Petroleum to join as partners in
3111-464: The northern coast of Cuba in 2012. On 11 August 2012, ONGC announced that it had made a large oil discovery in the D1 oilfield off the west coast of India, which will help it to raise the output of the field from around 12,500 barrels per day (bpd) to a peak output of 60,000 bpd. In January 2014, OVL and Oil India completed the acquisition of Videocon Group 's ten percent stake in a Mozambican gas field for
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#17327901756423172-410: The official participant in steel, coal, metals, cement, power industries and international geoscientific forums. Formed in 1851 by East India Company , the organization's roots can be traced to 1836 when the "Coal Committee", followed by more such committees, was formed to study and explore the availability of coal in the eastern parts of India . David Hiram Williams , one of the first surveyors for
3233-541: The oil scenario of the country. Subsequently, over 5 billion tonnes of hydrocarbons, which were present in the country, were discovered. The most important contribution of ONGC, however, is its self-reliance and development of core competence in E&;P activities at a globally competitive level. ONGC became a public listed company in February 1994, with 20% of its equity were sold to the public and eighty per cent retained by
3294-402: The pyrolysis gasoline hydrogenation unit, butadiene extraction unit, and benzene extraction unit. ONGC supplies crude oil, natural gas, and value-added products to major Indian oil and gas refining and marketing companies. Its primary products crude oil and natural gas are for the Indian market. Product-wise revenue breakup for FY 2016–17 ( ₹ billion): The equity shares of ONGC are listed on
3355-511: The remaining 1.43% percent is held by GSPC. It's ONGC Petro Additions Dahej Complex at Dahej, Gujarat in PCPIR/SEZ began its operation after the inauguration by Prime Minister Narendra Modi in March 2017. The complex, covering 585 hectares (1,446 acres), was founded in 2006 through a collaboration involving the ONGC, Gas Authority of India Limited (GAIL), and Gujarat State Petroleum Corporation (GSPC). Construction commenced in 2008, and
3416-554: The sole and exclusive responsibility of the state. Soon, after the formation of the Oil and Natural Gas Directorate, it became apparent that it would not be possible for the Directorate with its limited financial and administrative powers as a subordinate office of the Government, to function efficiently. So in August 1956, the Directorate was raised to the status of a commission with enhanced powers, although it continued to be under
3477-479: The state's fields. On 19 July 2017, the Government of India approved the acquisition of Hindustan Petroleum Corporation by ONGC. According to reports, ONGC's oil production decreased from 20.80 million tonnes in the fiscal year 2018 to 16.88 million tonnes during the April–February period of the fiscal year 2022–23. In the year 2023, ONGC made an announcement stating its plans to invest a large sum of money in
3538-677: The world's biggest corporations as of 2016. Prior to ONGC acquiring majority stake in HPCL, the former was not in the list of Fortune Global 500 while the latter HPCL was. Presence of ONGC Videsh Limited (OVL) in Latin America ; Presence of ONGC Videsh Limited (OVL) in CIS & Far-East; Presence of ONGC Videsh Limited (OVL) in Africa; Presence of ONGC Videsh Limited (OVL) in Middle East; Mangalore Refinery and Petrochemicals Limited
3599-521: Was founded on 14 August 1956 by the Government of India. In November 2010, the Government of India conferred the Maharatna status to ONGC. In a survey by the Government of India for fiscal year 2019–20, it was ranked as the largest profit making Central Public Sector Undertaking (PSU) in India. It is ranked 5th among the Top 250 Global Energy Companies by Platts . ONGC is vertically integrated across
3660-482: Was instrumental to its formulation, which was later termed the Feldman–Mahalanobis model . In 1969, Indira Gandhi 's government nationalised fourteen of India's largest private banks, and an additional six in 1980. This government-led industrial policy, with corresponding restrictions on private enterprise, was the dominant pattern of Indian economic development until the 1991 Indian economic crisis . After
3721-607: Was producing oil at Digboi (discovered in 1889) and Oil India Ltd. (a 50% joint venture between Government of India and Burmah Oil Company) was engaged in developing two newly discovered large fields Naharkatiya and Moraan in Assam. In West Bengal , the Indo-Stanvac Petroleum project (a joint venture between the Government of India and Standard Vacuum Oil Company of USA) was engaged in exploration work. The vast sedimentary tract in other parts of India and adjoining offshore remained largely unexplored. In 1955,
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