ONGC to re-draw vision document
State-owned Oil and Natural Gas Corporation plans to redraw its vision document for 2040 to outline its strategic goals as an integrated energy firm for the next two decades.
The vision document — Strategic Roadmap 2040 — is expected to craft the company’s strategy as an integrated energy major with a long-term perspective, Shashi Shanker, chairman and managing director of ONGC, said on Saturday.
He said, “Our portfolio has seen a metamorphic change in the last decade. Today, our business portfolio includes exploration and production, refining, petrochemicals, LNG, pipelines, retail, SEZ infrastructure and power. While these developments open up new vistas and opportunities, they also add layers of complexity to our decision-making and strategic framework.”
Shanker said ONGC was considering many opportunities to sustain growth and fulfil its vision of becoming a global energy leader.
The exercise also envisages evaluating potential growth areas, both within and outside India, so that ONGC is able to prioritise suitable actions in advance.
The Perspective Plan 2030 was ONGC’s earlier vision document. Drawn out in 2011-12, it had envisaged to invest Rs 11 lakh crore and double production over the next 18 years.
ONGC will be looking to explore investment opportunities in around 4-5 international hubs where the entity could achieve adequate growth and source 60 million tonnes of oil and oil equivalent gas per year by 2030.