Oil and Natural Gas Corporation (ONGC) has signed a memorandum of understanding (MOU) with Ministry of Petroleum & Natural Gas (MoPNG) for its performance evaluation parameters and targets for the year 2012-13. The MOU was signed on March 26, 2012 by CMD of the company and MoPNG at Delhi in the presence of ONGC Directors and senior officials from MoPNG.
The MOU 2012-13 has specific targets of production of Crude Oil, Natural Gas, and Reserve Accretion which includes ONGC’s share from Domestic JV fields / acreages and VAP Production. Apart from the financial parameters, ONGC has committed itself on Human Resources Management, Research & Development (R&D), Corporate Social Responsibility (CSR), Sustainability Development and Corporate Governance compliance.
The MOU also commits ONGC on parameters like Project Management, Energy Audits/savings, HSE Audits and Surveillance audits for sustaining ISO/OHSAS accreditation. A new parameter on ‘Plan Expenditure’ has also been included.
