Oil Ministry orders detailed review of ONGC board of directors

• Posted in OilGas
• on March 8, 2017
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Oil & Natural Gas Corp is in for a shakedown with the petroleum ministry ordering a detailed review of its board of directors for a possible revamp of the functional heads, following prolonged delays in projects linked to output enhancement.While examining the status of oil and gas production last January, Petroleum Secretary KD Tripathi noted lapses in the development of discovered oilfield Ratna and R-Series, restarting of oil production from Amguri field as well as in conducting two-dimensional seismic surveys to identify new oil and gas reserves.

“In this context, Secretary advised Joint Secretary (Exploration) to examine on file the re-organisation of ONGC Board of Directors, in particular the role of functional directors, with a view to have a lean structure facilitating quick decision making to boost the overall performance,” says the minutes of the meeting. Following replies by the ONGC officials during the January 17 meeting, Tripathi directed that each of the three projects be directly monitored by Director General of upstream quasi-regulator Directorate General of Hydrocarbons.
 Jake Matthews Jersey

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