Maharatna ONGC has signed Memorandum of Understanding (MOU) with the Ministry of Petroleum & Natural Gas for its Performance Evaluation Parameters and Targets for 2013-14. The MOU was signed on 25th March 2013 by ONGC CMD Mr. Sudhir Vasudeva and Petroleum Secretary Mr. Vivek Rae at Shastri Bhawan in the presence of ONGC Directors and senior officials of the petroleum ministry.
The MoU 2013-14 has sector-specific targets for production of Crude Oil, Natural Gas and Reserve Accretion. This includes ONGC's share from Domestic Joint Venture fields/acreages and production of Value-Added Products. Apart from the financial parameters, ONGC has committed itself to Human Resources Management, Research & Development (R&D), Corporate Social Responsibility (CSR) and Sustainability Development, Enterprise Specific parameters such as Energy Audits/savings, Health-Safety-Environment Audits, Finding cost and Production cost.
ONGC CMD Sudhir Vasudeva and Directors (from left) Shashi Shanker, P K Borthakur,
A K Banerjee, K S Jamestin and S V Rao with Petroleum Secretary Vivek Rae and senior
Ministry officials during the MoU signature
The MOU exercise is an annual and mandatory feature for all Central PSEs where the performance parameters are fixed between the CPSE and the Administrative ministry, before the financial year. As per new guidelines and directives of Cabinet Secretary, formal risk management training to senior management personnel has also been introduced as one of the parameters under Human Resource Management.
Oil and Natural Gas Corporation Ltd.
Corporate Communications, New Delhi,