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ONGC Signs MOU with Mopng for 2012-13

  • Oil & Natural Gas Corporation (ONGC) has signed Memorandum of Understanding (MOU) with Ministry of Petroleum & Natural Gas (MoPNG) for its Performance Evaluation Parameters & Targets for the year 2012-13.The MOU was signed on March 26, 2012 by Sudhir Vasudeva, CMD, ONGC (Q,N,C,F)* and G.C.Chaturvedi, secretary, P&NG at Delhi in the presence of ONGC directors and senior officials from MOPNG.The MOU 2012-13 has specific targets of production of crude oil, natural gas, and reserve accretion which includes ONGC`s share from domestic JV fields / acreages and VAP production. Apart from the financial parameters, ONGC has committed itself on Human Resources Management, Research & Development (R&D), Corporate Social Responsibility (CSR), Sustainability Development and Corporate Governance compliance.

  • The MOU also commits ONGC on parameters like project management, energy audits/savings, HSE audits and Surveillance audits for sustaining ISO/OHSAS accreditation. A new parameter on `Plan Expenditure` has also been included.Shares of the company declined Rs 7.3, or 2.75%, to settle at Rs 257.95. The total volume of shares traded was 243,039 at the BSE (Wednesday).

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