ONGC beats China's Cnooc to become Asia's No 1 E&P firm

India's Oil and Natural Gas Corporation (ONGC) has beaten Chinese rival Cnooc to become the world's top oil and gas exploration and production company.

Under the stewardship of R S Sharma, ONGC climbed three places to take the top slot in the 2010 rankings released by Platts, one of the most respected global provider of energy and metals information, yesterday evening.

China National Offshore Oil Corporation (CNOOC) this year slipped to No 2 slot.

In the overall Platts Top 250 Global Energy Company Rankings, that rated world's leading oil and gas, power and coal firms, ONGC claimed to 18th slot from 26th position in 2009 rankings.

With revenues of $22 billion, ONGC reported a profit of $4.24 billion in 2009-10 fiscal, which forms the basis for the Platts rankings. It had assets worth $33.37 billion.

Under Sharma, ONGC has been able to arrest decline in output from its ageing fields through innovative use of technology and has set the floor for reversing the declining trend of the past by fast-track development of new and marginal fields.

Sharma will retire as Chairman and Managing Director of ONGC on January 31, 2011, but the initiatives taken under him will see the company's oil production rise to 28 million tons in 2013-14 from current currently over 25 million tons. Natural gas production is slated to rise to over 100 million standard cubic meters per day by 2014-15 from current 58.86 mmscmd.

Platts also ranked ONGC as the fastest growth company in Asia in the E&P sector.

The global list headed by ExxonMobil Corp of the US, had billionaire Mukesh Ambani-run Reliance Industries at the 13th position, Platts said.

Reliance had assets of $55.94 billion and revenues of $43.63 billion. It had a profit of $5.24 billion.

Embattled British energy giant BP Plc was placed second ahead of Gazprom OAO of Russia, Petrobras Brasileiro of Brazil, Total SA of France E On AG of Germany, Petrochina Co, China Petroleum, Chevron Corp of US and Royal Dutch Shell.

Platts ranked Reliance Industries as the top oil refining and marketing company in Asia while state-owned GAIL India was ranked No.1 company among gas utilities. State-owned NTPC was ranked No 2 power utility in Asia behind Constellation Energy Group.

Indian Oil Corp (IOC) was placed third as Asia's refining and marketing company ranking, Bharat Petroleum on fifth and Hindustan Petroleum at 19th position.