New Delhi: The government has decided to restructure the board of state-run Oil & Natural Gas (ONGC) by creating two news posts, the Ministry of Petroleum and Natural Gas said on Wednesday. The Centre has decided to merge the positions of Director (Onshore) and Director (Offshore) to create a single post, Director (Production), and create a new post for Director (Strategy & Corporate Affairs), said the ministry.
Explaining the rationale behind the decision, the ministry said, "The restructuring of the Board of ONGC has been approved in the context of emerging trends in the energy sector and national energy priorities. The medium and long-term strategic goals of ONGC require it to deliver in respect of enhanced production, increased exploration with an emphasis on technology and pace of implementation, partnerships with reputed sectoral firms to leverage best-in-class technology, efficient and engaged management of JVs, partnerships and subsidiaries, effective capital allocation, portfolio review, management and expansion of overseas assets and development of a leadership pipeline."
"The revamped Board of Directors is expected to play a pivotal role in these tasks and work towards realizing synergies and ensuring enhanced collaboration within the organisation and also with relevant external stakeholders," it added.
The government had set up a Search-cum-Selection Committee (SCSC) in February 2022 for filling up the post of ONGC CMD. The SCSC was chaired by Public Enterprises Selection Board (PESB) Chairperson with Petroleum Secretary and former Indian Oil Chairman B Ashok as members. The SCSC subsequently submitted its recommendations.
The committee had suggested the appointment of Arun Kumar Singh, former CMD of BPCL, as the Chairman of ONGC for a three-year tenure with effect from the date of assumption of charge. It had also suggested the creation of a post of Director (Production) on the Board of ONGC after merger of the posts of Director (Onshore) and Director (Offshore) and the creation of a post of Director (Strategy & Corporate Affairs) on the Board of ONGC.
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