Oil & Natural Gas Corporation Ltd.

Government has reportedly approved ONGC’s bid to buy stake in Kazakh Oil field. The Govt. has also approved the company’s bid to buy $5.5 billion ConocoPhillips stake. Recently, Ministry of Environment and Forests (MOEF) cleared two ONGC Kutch exploratory blocks. The company received approval for 15 wells in these two blocks.

ONGC 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.