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Sudhir Vasudeva to be new CMD at ONGC

Sudhir Vasudeva to be new CMD at ONGC
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First Published: Tue, Oct 19 2010. 11 33 PM IST
Updated: Tue, Oct 19 2010. 11 33 PM IST
New Delhi: Sudhir Vasudeva, director, offshore at state-run exploration and production company Oil and Natural Gas Corp. Ltd (ONGC) was selected by Public Enterprise Selection Board (PESB) on Tuesday to head the company when RS Sharma, the current chairman and managing director retires on 31 January next year.
RK Tyagi, chairman and managing director, Pawan Hans Ltd was selected as the second choice from among the eight candidates who appeared for the coveted post, said people aware of the development.
Vasudeva will take over the company’s reins at a time when production from ONGC’s domestic fields is floundering. While its reserves have increased from 65.56 million tonnes (mt) of oil and equivalent gas in 2006-07 to 82.98 mt in 2009-10, its production has dipped from 48.49 mt to 47.78 mt.
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First Published: Tue, Oct 19 2010. 11 33 PM IST