ONGC holds board meeting at high-sea

State-owned Oil and Natural Gas Corp (ONGC) has become the first company in India to hold a meeting of its board of directors at high sea. Chairman Shashi Shanker convened the company’s 299th board meeting at a platform on Mumbai High field, in the Arabian Sea, on Saturday to approve the second-quarter earnings among other things. 

“The idea was to familiarise the independent directors, most of whom are new to the oil and gas exploration and production business, with offshore operations,” an official said. ONGC produces over 80 per cent of its oil and gas from offshore fields with Mumbai High being the biggest. 

The company is betting big on quickly putting to production untapped discoveries as well as rejuvenating ageing fields offshore to raise crude oil production by 4 million tonnes and almost double natural gas output by 2021-22.