Oil & Natural Gas Corporation Ltd.

Oil and Natural Gas Corporation (ONGC) has signed a memorandum of understanding (MOU) on March 25, 2013 with the Ministry of Petroleum & Natural Gas for its Performance Evaluation Parameters and Targets for 2013-14. The MoU 2013-14 has sector-specific targets for production of Crude Oil, Natural Gas and Reserve Accretion. This includes ONGC’s share from Domestic Joint Venture fields/acreages and production of Value-Added Products.

Apart from the financial parameters, ONGC has committed itself to Human Resources Management, Research & Development (R&D), Corporate Social Responsibility (CSR) and Sustainability Development, Enterprise Specific parameters such as Energy Audits/savings, Health-Safety-Environment Audits, Finding cost and Production cost.

The MOU exercise is an annual and mandatory feature for all Central PSEs where the performance parameters are fixed between the CPSE and the Administrative ministry, before the financial year.