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ONGC signs performance MoU 2022-23 with MoPNG, GOI: Aligning aspirations of ONGC group family to the Nation’s Goal

ONGC formalized its annual Memorandum of Understanding (MoU) for the financial year 2022-23 with its administrative Ministry i.e. Ministry of Petroleum & Natural Gas, Govt of India on 13 December 2022 with the signing of the official document between the Chairman Arun Kumar Singh, and MoPNG Secretary Pankaj Jain at Shastri Bhawan, New Delhi.

ONGC Chairman and MoPNG Secretary displaying the signed MoU 2022-23 ONGC Chairman and MoPNG Secretary displaying the signed MoU 2022-23

One for the album One for the album

The MoU is signed every year between ONGC Chairman, and PNG Secretary as a mark of commitment towards annual performance targets. It is not only a transparent reflection of our annual performance but also a document signifying the hard work, innovation, and competitive credentials of energy professionals of our distinguished organization. This document also captures the persistent spirit of ONGC group based on the larger perception of the industry and our key stakeholders including the Government of India.

ONGC will continue to be committed to the targets ranging from E&P, Refining, and Petrochemicals to renewables as has been entrusted upon in view of the larger energy mandate of the Nation, with due cognition to the evolving energy landscape.

Different from earlier MoUs, MoU 2022-23 has been finalized with the inclusion of physical performance parameters of Major group companies namely ONGC Videsh Limited and MRPL. Financial parameters like, ‘Revenue from operations’, Capex, ‘R&D/Innovation spend’ etc. have been considered at the group level including HPCL, ONGC Videsh Limited & MRPL.

Production targets (with 50 % weightage), given in MoU 2022-23 are ambitious as we are committed to produce 25.575 MMT of Crude oil and 25.810 BCM of Natural gas inclusive of our JV share of production.

Production targets of 9.842 MMT Crude oil and 5.012 BCM of Natural gas were assigned to ONGC Videsh Limited. Also, the Refinery Throughput target of 16 MMTPA was assigned to MRPL.

This MoU has covered some core E&P parameters like ‘New Acreages are taken for Exploration’, Seismic Surveys, Reserve Accretion (EUR-2P), and Monetization of New Discoveries. In addition, a new Parameter, ‘TRS-Total Return to Shareholder’ with a significant weightage of 15% has also been introduced.

Secretary-MoPNG desired ONGC to achieve an ‘Excellent’ rating for the year 2022-23 and Chairman-ONGC, on behalf of ONGC group, assured to put all efforts to achieve the same.