D K Sarraf has joined as the new Director (Finance) of ONGC on 27th December 2007, subsequent to his orders issued by the Ministry of Petroleum & Natural Gas. Mr. Sarraf was selected by the PESB some time ago. Mr. Sarraf will be the CFO of India’s Most Valuable Company in terms of Net Profit and Net Worth. The position of Director (Finance) of ONGC had fallen vacant after Mr. R S Sharma was elevated from Director (Finance) to CMD in May 2006.

Highlights of Board Meeting held on 22nd December 2007

Oil and Natural Gas Corporation Ltd. (ONGC) has got the unique distinction to become the first-ever Indian company in the Fortune Magazine's annual list of the World's Most Admired Companies. This is based on a survey of the Fortune companies across the globe, conducted by the Fortune magazine, in association with world-renowned Hay Group. ONGC finds the pride of place in the list released by Fortune for the year 2007.

Indian industry is playing a crucial role as India surges ahead from developing to developed nation with sharp focus on sustainable development, said Mr. Ashwani Kumar, Hon’ble Minister of State for Industry, Ministry of Commerce & Industry, during the inaugural session of the 3rd National Convention on “Sustainable Development: The Role of Global Compact” on 10th December 2007 at New Delhi. The Minister added that efforts like those of Global Compact will help in protection of human rights and improvement of quality of life of people and ensure a fair and just development. The Minister went on to reiterate commitment of the Government of India for the cause of sustainable development.

A suspected leakage on the Heera - Uran Gas pipeline from ONGC’s western offshore Heera Field was observed at 1000 Hrs today morning. The leakage site is about 5 Nautical Miles from BFL (Bombay Floating Lights).

ONGC's wholly-owned subsidiary ONGC Videsh Ltd. (OVL) has bagged two blocks in Brazil, viz. deepwater Block 470 in the highly prospective Espirito Santo basin and shallow water Block 1413 in another highly prospective Santos basin, amid stiff competition from International companies.

For the third year in succession Mr. R.S. Sharma, CMD, ONGC was conferred the CNBC-TV 18 CFO 2007 Award in the Oil, Gas and Chemicals Sector. The award was presented to Mr. Sharma by Dr. Parthasarathi Shome, Advisor to the Finance Minister, Govt. of India, at Mumbai on November 22, 2007. CFO Awards are the most definitive awards realizing financial excellence in the corporate sector.

The book written by Col. S.P. Wahi, Former Chairman, ONGC "Leading from the Front - Army to Corporate world" was today launched by Mr. Ashwini Kumar and Dr V Krishnamurthy at a glittering function at New Delhi.

Oil and Natural Gas Corporation Ltd. (ONGC) reports further improvement in half-yearly and Q2 results after the 172nd meeting of its Board held on 30th October 2007:

The Board of MRPL in its meeting held on 29th October 2007 at New Delhi has approved the Financial Results for the second quarter (July-Sept) of FY 2007-08

ONGC Mittal Energy Ltd. (OMEL), a joint venture between ONGC Videsh Ltd. (OVL) and Mittal Investment Sarl (MIS), has acquired 30% Participating Interest (PI) in an exploratory Block 11-12, Offshore Turkmenistan in the Caspian Sea. Covering an area of 5663 square km, the block is located close to discovered and producing fields, and contains a number of prospects with significant reserve potential. Discoveries have been made in adjoining areas such as Ashrafi and Karabakh.

Oil and Natural Gas Corporation Ltd. (ONGC) has won Golden Peacock Global Award for Excellence in Corporate Governance – 2007, conferred by the World Council for Corporate Governance (WCFCG), London.

Mumbai, 24th September 2007. Mangalore Refinery & Petrochemicals Ltd (MRPL), an ONGC Group Company and a Mini Ratna category I, today paid a dividend of Rs 23,77,22,814/- for FY 2007, to Hindustan Petroleum Corporation Ltd (HPCL), who holds 16.95% stake in the company.

ONGC Videsh Ltd., the wholly-owned subsidiary of ONGC has signed Production Sharing Contract (PSC) with the Myanmar Oil and Gas Enterprise (MOGE), the Govt. of the Union of Myanmar enterprise for 3 deep-water exploration blocks: AD-2, AD-3 & AD-9. OVL is the operator with 100 per cent Participating Interest in all the three deep water blocks.

ONGC Videsh Limited, the wholly-owned subsidiary of Oil and Natural Gas Corporation Ltd. (ONGC) has been declared winner in 3 offshore exploration blocks in Colombia – 2 blocks in collaboration with Ecopetrol (the National Oil Company of Colombia) and one block in collaboration with Ecopetrol and Petrobras in a bidding round christened the ‘Caribbean Round 2007’ in Columbia. The Agency National of Hydrocarbons of Colombia had offered a total of 13 exploratory blocks - 2 in shallow offshore, 4 in deep water and 7 in transition areas.

At the 14th AGM of the company held today (19th September 2007) at New Delhi, the significant Agenda items approved by the shareholders relate to adoption of Annual Financial results of FY07 and a final dividend of 130% (in addition to the interim dividend already paid at 180%) on the expanded (post-bonus) equity of Rs. 2139 Crore, for the fiscal year 2006-07.

Chairman’s Speech at the 14th Annual General Meeting of Oil and Natural Gas Corporation Ltd

Mangalore Refinery & Petrochemicals Ltd (MRPL), a Mini Ratna category I company and a subsidiary of Oil and Natural Gas Corporation Ltd. (ONGC), has signed a 4-year product supply agreement, extendable by another two years, with Shell India Marketing Private Ltd. The products include all grades of MS and HSD.

Oil and Natural Gas Corporation Ltd. (ONGC) has entered into an MoU with global oil major BP, to collaborate in Exploration & Production (E&P) business in India and abroad, which include sharing of knowledge in Coal Bed Methane (CBM) and Deepwater exploration.

The world's largest business software company SAP AG’s Indian arm, SAP India and Oil and Natural Gas Corporation Ltd. (ONGC) have entered into a strategic partnership for sharing expertise.

Mr. R S Sharma, CMD, ONGC was honoured this morning with the “Distinguished Fellowship” of the Institute of Directors (IOD) in recognition of his dedicated public service i.e. commendable performance in management of ONGC.

Prime Minister Dr Manmohan Singh today laid the foundation stone for the Rajiv Gandhi Urja Bhavan, being set up at New Delhi by Energy major ONGC to establish a state of the art R&D centre for non-conventional sources of Energy. The complex will also house Corporate offices of ONGC group of companies. The Prime Minister was accompanied by Chairperson of the United Progressive Alliance (UPA) Ms Sonia Gandhi. The day, 20th August signifies birth anniversary of late Prime Minister Shri Rajiv Gandhi, who had a great vision for Energy Security and had spearheaded the use of science and technology in the nation building process.

Hon’ble Minister of state Dinsha Patel presided over the PSPB (Petroleum Sports Promotion Board) Annual Awards function at New Delhi on 9th August 2007, where awards to 100 sportspersons as well as team awards were given for their performance during 2006-07.