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Friday, 3 January 2014
128) Celebrating 50 years of the Oil and Natural Gas Corporation (ONGC) in 2006: Commemorative Fifty Rupees and Five Rupee coins issued by the Reserve Bank of India/India Government Mints:
128) Celebrating 50 years of the Oil and
Natural Gas Corporation (ONGC) in 2006:
Commemorative Fifty Rupees and Five Rupee
coins issued by the Reserve Bank of India/India Government Mints:
and Natural Gas Corporation Limited (ONGC) founded on 14.08.1956 is an Indian Government
owned oil and gas Company with its Headquarters in New Delhi, India. It is one
of the largest Asia-based oil and gas exploration and production companies
which accounts for about 84% of India’s domestic production of oil and natural
today, is the World’s second largest E & P (Energy & Production Company)
and has been ranked among the World’s leading Companies by Forbes Magazine,
Fortune Global 500, Economic Times 500, Business Today 500, Business Baron 500
etc. It has to its credit more than 310 hydrocarbon finds within the country
and has discovered almost 6 billion tones of in-place oil and gas reserves in
Historical Development of
the Oil and Natural Gas Corporation (ONGC): The growth and consolidation story:
the British Raj, the Assam Oil Company in the North-East and Attock Oil
Company in the North-West Regions of unpartitioned India were the only oil
producing Companies in the country with practically very little exploration for
augmenting the oil and natural gas resources.
1947, after India gained Independence and Pakistan was carved out of its
territories, it was realized that the importance of oil and Natural Gas
exploration cannot be undermined if the country was to bring about rapid
industrial development and the country’s defense requirements. As such, the
development of the petroleum industry in India formed a vital initiative in the
Industrial Policy Statement of 1948.
1955, under the Industrial Policy initiatives, private oil companies
spearheaded the exploration of hydrocarbon resources of India. In Assam, the
Assam Oil Company produced oil at Digboi while the Oil India Ltd. (a 50-50
joint venture between the Government of India and the Burmah Oil Company) was
tasked with developing two newly discovered large oil-fields Naharkatiya and Moran in Assam. In West Bengal, around the same time, the
Indo-Stanvac Petroleum project (a joint-venture between Government of India and
Standard Vacuum Oil Company of USA) was handling oil-field exploration work.
The huge sedimentary tracts in other parts of India and adjoining off-shore locations
was largely unexplored.
1955, under the policy to develop oil and natural gas resources in the
hitherto unexplored Regions of India an Oil and Natural Gas Directorate was set
up to function under the Ministry of Natural resources and scientific Research.
This Directorate was strengthened by appointing several geoscientists taken
from the Geological Survey of India.
delegation from India went abroad to several European countries to study the
development of oil industry there and to facilitate training of Indian
professionals in the area of exploration of potential oil and gas reserves.
Simultaneously, several foreign experts from countries like the USA, West Germany,
Romania, USSR etc. visited India for giving valuable inputs to the Indian
1956, mineral and oil industry was categorized as Schedule “A”
industries, whose development rested solely with the State. To facilitate this
policy initiative a two-pronged strategy was adopted:
Oil and Natural Gas Directorate was elevated to the status of a Commission on
14.08.1956 with enhanced powers, although it stayed under the control of the
task for drawing up detailed guidelines/plans for geological and geophysical
surveys and drilling operations was undertaken by Russian experts and their
detailed plans were set into motion during 1956-1961.
later, in 1959, the Commission was converted into a statutory body by an
Act of the Indian Parliament and its powers were enhanced further by outlining
the activities and steps which were required to be taken by the Commission in
fulfilling its objectives. At this juncture the Oil and Natural Gas Commission
was engaged in planning, promoting and implementing programmes related to
development of Petroleum Resources as well as production and sale of petroleum
and petroleum products produced by it.
1961 to1990, the ONGC expanded its operations and has been instrumental
in spreading its activities throughout India and abroad. Domestically it
unearthed new resources located in Assam, established a new “Oil Province” in
the Cambay basin in Gujarat, added new petroferous areas in the Assam-Arakan
Fold Belt and the East Coast Basins (both inland and off-shore).
the early 1970s, ONGC discovered a giant oil field named “Bombay High”
(now called “Mumbai High”). This important discovery along with several other
subsequent discoveries led to an estimated 5 billion tones of hydrocarbons to
be discovered in India. During this period, ONGC transformed itself into a
self-reliant Organization and its core competence in Exploration and Production
activities scaled newer heights so as to enable it to become globally competitive.
1991, the Government of India, under a liberalized economic policy
regime, began deregulation and de-licensing of the core sectors, including the
petroleum sector, with partial disinvestments of Government equity in Public
Sector Undertakings along with other measures. ONGC was converted into a public
limited company in June 1993 and it underwent reorganization as a limited
Company under the Company’s Act, 1956 in February 1994. Also, in 1994,
following the Indian Government’s decision to privatise ONGC, the Government of
India’s holdings of ONGC assets was reduced to 80 percent and the remaining 20
percent was sold to the public.
the conversion of business of the erstwhile Oil and Natural Gas Commission to
“Oil and Natural Gas Corporation Ltd., the Indian government disinvested another
2 percent of its shares through competitive bidding. ONGC also expanded its
equity through offering 2 percent shares to its employees.
1999, Oil and Natural Gas Corporation (ONGC), Indian Oil Corporation
(IOC) and Gas Authority of India Limited (GAIL – the only gas marketing
Company) came together to cross-hold each other’s stock, leading to a long-term
strategic alliance both for the domestic and overseas business opportunities in
the energy value chain, amongst themselves. After
this reallocation of shares and other divestments, the Government holding in
ONGC now stands at 74.14% percent.
today is focused on maintaining high standards of occupational health,
safety and environmental protection and has well equipped crisis management
teams. It has institutionalized Research and Development in exploration and
production (E & P) and related sectors and established seven separate
institutions to undertake specific activities in key areas of exploration ,
drilling, reservoir management, production technology, ocean engineering etc.
is presently involved in exploring for and exploiting hydrocarbons in 26
sedimentary basins of India and owns and operates over 11000 kilometres of
pipelines in India.
ONGC Videsh (Videsh
meaning “foreign countries”):
India Private Limited (incorporated on 5th March 1965) was renamed
as ONGC Videsh (OVL) on 15th June 1989, a subsidiary of ONGC.
OVL earned its first hydrocarbon revenue from its investments in Vietnam.
OVL has grown into a leading Company in India – both in terms of oil production
and oil and gas reserve holdings, with at least 18 overseas operations in over
15 countries including in Latin America, Middle-East, CIS and the Far-East, and
Commemorative coins issued
by Reserve Bank of India/India Government Mints:
2006, ONGC celebrated the Golden Jubilee (50th Anniversary) of its
founding and a commemorative coin set comprising Rs.50/- (Rupees Fifty) and
Rs5/- (Rupees Five) was issued by the Government of India/India Government
Mint, Kolkata. Thus ONGC became the second Company after State Bank of India
(commemorating its bicentenary in 2006) to have Commemorative coins issued
celebrating its creation. In the same year, five rupee coins were also issued
for general circulation.
Commemorative coins Proof
above image is that of the cover of the two coins Proof set issued by the
above is an image of the back of the above coin album.
emblem of the ONGC carried on several pages of the album as well as the coins.
Obverseof the two coin set –Rupees Fifty and Rupees Five as they appear together on
the coin album. On the left periphery of both coins is mentioned “Bharat and
Rupiye” (in Hindi) and on the right periphery of the coin is mentioned “India”
and “Rupees” (in English). The Asoka Lion Capitol emblem of the Government of
India is in the centre of the two coins below which is mentioned “Satyameva
Jayate” (meaning “Truth always Prevails” in Hindi). The denominational value of
the coins is mentioned in numerals only “50” and “5” respectively.
of the individual Rs.50/- quaternary silver coin.
of the individual Rs.5/- coin.
of the two coin set as they appear together on the coin album. On the upper periphery of
both the coins is mentioned “CELEBRATING INDIA” (in English) and on the lower
periphery is mentioned “UTSAVRAT BHARAT” (in Hindi). Towards the centre is
mentioned “ONGC 50” with the logo of the ONGC placed in the numeral “0” forming
the numeral “50”. Further below are the commemorative years of the ONGC “1956-2006”.
of the individual Rs.50/- quaternary silver coin.
of a five Rupee circulation coin in my collection showing the same features as
the five rupee Proof coin.
of the above five rupee circulation coin, also showing the same features as the
proof coin on this face.
specifications of this coin are the same as the specifications of the five
rupee Proof coin. Posted on 11.03.2015:
A First day cover issued on 14.08.2006 by India Post commemorating the golden Jubilee of setting up the ONGC.
(The Commemorative Proof coin
set is from the collection of Jayant Biswas. The five rupee circulation coin is
from my collection, contributed by Krishna Tonpe. The First Day Cover issued by the P&T Department, India is from the collection of Rahul Kumar. Coins scanned and Article researched
and written by Rajeev Prasad)