India: ONGC Inks MOU with Ministry of Petroleum

India ONGC Inks MOU with Ministry of Petroleum

India’s ONGC has signed Memorandum of Understanding (MOU) with Ministry of Petroleum & Natural Gas (MoPNG) for its Performance Evaluation Parameters & Targets for the year 2012-13.

The MOU was signed on March 26, 2012 by Sudhir Vasudeva, CMD, ONGC and G.C.Chaturvedi, Secretary, P&NG at Delhi in the presence of ONGC Directors and senior officials from MOPNG.

The MOU 2012-13 has specific targets of production of Crude Oil, Natural Gas, and Reserve Accretion which includes ONGC’s share from Domestic JV fields / acreages and VAP Production. Apart from the financial parameters, ONGC has committed itself on Human Resources Management, Research & Development (R&D), Corporate Social Responsibility (CSR),Sustainability Development and Corporate Governance compliance.

The MOU also commits ONGC on parameters like Project Management, Energy Audits/savings, HSE Audits and Surveillance audits for sustaining ISO/OHSAS accreditation. A new parameter on ‘Plan Expenditure’ has also been included.

Source: ONGC, March 28, 2012

 

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