Oil & Natural Gas Corporation Ltd.

ONGC, state-owned exploration and production major, has reportedly banned one of its largest onshore drilling contractors Shiv-Vani Oil and Gas Exploration Services for two years. The company has taken this action following Shiv-Vani’s alleged failure to commence the services for installation of compressors at Kankinada processing facility, as per the terms and conditions stipulated by a tender awarded in August last year. 

The entity is a premier oil and gas company in India, accounting for 71% of the country’s crude oil production and 54% of its natural gas production in 2011-12. It is also a significant producer of value added products such as liquefied petroleum gas (LPG), superior kerosene oil (SKO), and naphtha. GoI is the majority shareholder in ONGC, with a 69% equity stake as of now.