The oil-exploration giant

Established 68 years ago, ONGC is a Maharatna that has maintained an enviable track record of profitability. Here's its story.

- Udhayaprakash

A public-sector giant and the largest crude-oil and natural-gas company in India, ONGC contributes 70 per cent to the domestic production of crude oil. Its history dates back to 1955, almost 68 years ago, when the Government of India realised the importance of oil and gas for industrial growth and established the company.

Backed by the government's support, ONGC rode high on the growth trajectory. Its gamechanging moment came in the early 1970s, with the discovery of an oil field in Bombay High. Later, the company discovered five billion tonnes of hydrocarbon. In 1965, ONGC Videsh was established to explore opportunities outside India and entered into some significant deals throughout the period.