New director to lead ONGC's new energy and petrochemicals business

17 Jul 2023 , 11:26 AM

As part of a board reorganization intended to give the state-controlled behemoth new life, Oil and Natural Gas Corporation (ONGC) will have a new director leading its new energy, petrochemicals, and business strategy. According to a business office order, a new director of strategy and corporate affairs has been appointed.

This will be in addition to a newly combined production division as a result of a board-level restructuring.

By combining its onshore and offshore divisions, ONGC hopes to create a director for production, who is led by Pankaj Kumar.

Director (Onshore), who oversees all oil and gas fields on land, and Director (Offshore), who is in charge of all offshore assets, including the prized Mumbai High fields, have been combined to form the position of Director (Production).

Kumar was once the offshore director for ONGC.

The exploration, finance, human resources, technical & field services, and director of strategy and corporate affairs are some of the other significant directorial positions of ONGC. All of these divisions report to ONGC managing director Arun Kumar Singh.

The new Director (Strategy & Corporate Affairs) will be responsible for joint ventures, downstream petrochemicals, new energy (renewable, hydrogen, and carbon capture), corporate strategy, corporate marketing, and legal, according to the office order.

Corporate planning and strategy will be divided into two verticals within the current corporate strategy and planning (CS&P) group. The corporate strategy group would report to the director (strategic and corporate affairs), while corporate planning would continue to report to the chairman, it stated.

The ministry and parliament coordination group under CS&P has been renamed, and it will now report to the chief corporate planning, it was stated.

The new position will be posted after potential candidates have been interviewed by government recruiter Public Enterprise Selection Board (PESB).

The redesign follows the consulting company McKinsey’s Organization Transformation Project (OTP) recommendations.

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