CURRENT AFFAIRS

Detailed explanation-1: -ONGC launched the Rs. 100 crore Start-up fund on its Diamond Jubilee year to foster, nurture and incubate new ideas related to oil and gas sector. The initiative, christened as ‘ONGC Start-up’, is in line with the Govt. of India’s initiative ‘Start-up India’.

Detailed explanation-2: -ONGC’s wholly-owned subsidiary ONGC Videsh Ltd. (OVL) is the biggest Indian multinational, with 35 Oil & Gas assets in 15 countries. ONGC produces over 1.26 million barrels of oil equivalent per day, contributing around 71% of India’s domestic production. Of this, over 76% of crude oil produced is Light & Sweet.

Detailed explanation-3: -Oil and Natural Gas Corporation Limited (ONGC) is a global energy holding company, engaged in the oil exploration, development, and production of crude oil and natural gas. Its segments include Exploration & Production (E&P), and Refining.

Detailed explanation-4: -India services 60 million visitors at its petrol pumps every day with a daily consumption of about 5 million barrels. ONGC, a Maharatna company, is the biggest crude oil and natural gas name in India, contributing around 75% to Indian domestic production. The company ranks 11th among global energy majors (Platts).

Detailed explanation-5: -Through Energy Strategy 2040, ONGC has set a target to double its Oil and Gas production from its domestic, as well as overseas fields by the year 2040. ONGC also plans to expand its refining capacity three-fold alongside diversification into renewables.