In an effort to revitalise the state-owned giant that is increasingly looking beyond oil and gas, the Board of Oil and Natural Gas Corporation (ONGC) is being restructured by combining two directorships into one and creating a new position of director for corporate affairs, sources said.
ONGC Board presently has six directors for exploration, onshore operations, offshore operations, finance, human resources and technical and field services. It used to be headed by a chairman and managing director.
Arun Kumar Singh, who had just left his position as CEO of the oil refining and fuel marketing company BPCL, was earlier this month nominated by the government as the chairman of ONGC but not as its managing director.
While the government also started a board reform, this is the first time a 60-year-old retired individual was appointed as the head of a blue-chip state-owned company.
According to sources with knowledge of the situation, the position of Director (Production) has been created through the merger of the positions of Director (Onshore), who is in charge of all oil and gas fields located on land, and Director (Offshore), who is responsible for all offshore assets, including the valuable Mumbai High fields. A new position of Director (Strategy & Corporate Affairs) has also been created.
After Director (Onshore) Anurag Sharma retires on February 28, 2023, the position of Director (Production) will become effective on March 1, 2023. The position is anticipated to go to director Pankaj Kumar (Offshore).
After a reorganisation of the workforce between the various functions, the sources indicated that the new Director (Strategy & Corporate Affairs) will likely be responsible for information technology, communication services, safety, occupational health, environment, business development, joint ventures, and marketing.