The Centre has extended Arun Kumar Singh's tenure as ONGC chairman and CEO by one year on contract, while setting up a committee led by PESB chief Mallika Srinivasan to select a regular chairman
With Brent now trading lower, ONGC's realisations are expected to decline in the September quarter
The government is making the decision after failing to draw investment from global oil majors in new fields
ONGC owns 14% stake in the Indian Oil Corporation and a 5% stake in the GAIL