New Delhi: State-owned Oil and Natural Gas Corp (ONGC) has been ranked the world’s top oil and gas exploration and production (E&P) firm by global energy research agency Platts, the company said in a statement here.
ONGC was last year placed at the third position in the pure E&P category, behind Encana of Canada and China’s Cnooc. China National Offshore Oil Corporation (CNOOC) was ranked second on the list for 2010.
“In the pure E&P category, ONGC has achieved the distinction of Numero Uno ranking not only in Asia, but even on the global scale,” the statement said.
In the overall Platts Top 250 Global Energy Company Rankings that rated world’s leading oil and gas, power and coal firms, ONGC climbed to the 18th slot from 26th position in 2009 rankings.
“This is the highest ever ranking of ONGC in the list of Platts Top 250, ahead of global leaders like Cooco Phillips, Statoil, Cnooc, BG and others,” ONGC said.
Under the stewardship of R.S. Sharma, ONGC has steadily improved its fortunes during the past 4-year.
With revenues of $22 billion, ONGC reported a profit of $4.24 billion in 2009-10, 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 from the positions of chairman and managing director of ONGC on 31 January, 2011, but the initiatives taken under him will see the company’s oil production rise to 28 million tonnes in 2013-14, from currently over 25 million tonnes.
Natural gas production is slated to rise to over 100 million standard cubic meters per day (mmscmd) 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.