NEW DELHI: The ONGC board is to be restructured from March 1, 2023 to make the state-run exploration behemoth more responsive to “the emerging trends in the energy sector” and align its corporate goals with “the national energy priorities”.
According to an oil ministry statement, a new board position of director (production) is being created by merging the posts of directors onshore and offshore.
Another post of director (strategy and corporate affairs) will be created as per the recommendation of the search cum selection committee set up for appointment of chairman. Retired Bharat Petroleum chairman Arun Singh was on Wednesday appointed chairman for three years as per the committee’s recommendation.
“The medium- and long-term strategic goals of ONGC require it to deliver in respect of enhanced production, increased exploration with an emphasis on technology and pace of implementation, partnerships with reputed sectoral firms to leverage best-in-class technology, efficient and engaged management of JVs, partnerships and subsidiaries, effective capital allocation, portfolio review, management and expansion of overseas assets and development of a leadership pipeline,” the ministry statement said.
“The revamped board is expected to play a pivotal role in these tasks and work towards realising synergies and ensuring enhanced collaboration within the organisation and also with relevant external stakeholders,” it said.
