ONGC restructuring: New directors to head new energy, petrochemicals business

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According to an office order of the company, the post of a new director for strategy and corporate affairs will be created. This will be in addition to a new integrated production division following the restructuring of the board of directors.

New Delhi. State-owned Oil and Natural Gas Corporation’s (ONGC) new energy, petrochemicals and corporate strategy will be headed by a new director. The board of directors of ONGC has decided to take this step to revive the company. According to an office order of the company, the post of a new director for strategy and corporate affairs will be created. This will be in addition to a new integrated production division following the restructuring of the board of directors. ONGC aims to appoint director of production in tandem with the merger of its onshore and offshore divisions.

It will be headed by Pankaj Kumar. The post of Director (Production) has been created by amalgamation of Director (Onshore) and Director (Offshore). The director is in charge of all oil and gas fields located onshore, while the director offshore heads all offshore assets such as the Mumbai High field. Kumar was earlier the Offshore Director of ONGC. Apart from the post of Director Production and Director Strategy and Corporate Affairs, other key director positions in ONGC include Exploration, Finance, Human Resources and Technical and Field Services Divisions.

All report to Arun Kumar Singh, Managing Director, ONGC. As per the office order, the new Director (Strategy and Corporate Affairs) will look after joint ventures, downstream petrochemicals, new energy (renewable, hydrogen and carbon capture), corporate strategy, corporate distribution and legal sectors. It added, “The present Corporate Strategy and Planning (CS&P) group will be split into two…Corporate Planning and Corporate Strategy. The Corporate Planning Group will continue to report to the Chairman of the Company.

The Corporate Strategy Group will report to the Director (Strategy & Corporate Affairs). The Corporate Affairs Group under CS&P has been renamed as Ministry and Parliament Coordination Group. This group will report to the Head of Corporate Planning. The appointment to the new post will be done by the government’s Public Enterprises Selection Board (PESB) after interviewing potential candidates. ONGC is undertaking this restructuring under the Organization Transformation Project (OTP) suggested by consultancy firm McKinsey.

Disclaimer:IndiaTheNews has not edited this news. This news has been published from PTI-language feed.



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