ONGC plans creating new posts of directors
OVL and MRPL may also have an additional board position for the director-business development (BD), oil ministry and company officials said.
OVL and MRPL may also have an additional board position for the director-business development (BD), oil ministry and company officials said. "We have set up ambitious targets, which needs new board level positions in the company including OVL and MRPL," ONGC Chairman & Managing Director Sudhir Vasudeva told ET.
ONGC plans to have a position for the director R&D as it needs to focus on developing cutting-edge technologies to remain ahead of the competition, he said.
"Oil Secretary Vivek Rae is very keen that ONGC must develop excellence in exploration and production (E&P) technologies, specially to explore gas hydrate and harness shale oil and gas potential, where lies its future," he added. The company also wants to have a separate director to look after its new business initiatives in the downstream areas such as power and fertilizer plants, he said. "There is no doubt that ONGC is an E&P company and it is our focus area. But, there are downstream opportunities we can't miss as a company," he added.
For example, ONGC has significant gas discoveries in Tripura, but there are no takers for the fuel. There is no pipeline connectivity to other markets where demand is high.
The gas can't be evacuated because lack of demand. ONGC had no option but to set up a power plant and a fertilizer unit, Sudhir Vasudeva said.
"Constraint was seen as an opportunity. We could not waste scarce natural resource. The new director-BD would locate such opportunities and realize full potential of company's resources," Vasudeva said.
ONGC has five executive directors excluding the CMD. They hold portfolios of exploration, finance, human resources, offshore, technology & field services. Currently, ONGC's R&D matters are taken care of by director-technical and business development by director-HR, company executives said.
Vasudeva said OVL and MRPL need director-BD who can identify new opportunities for the two subsidiaries. "Currently, director exploration of OVL is also responsible for the company's business development.