INTRODUCTION The ONGC Group of Companies comprises Oil and Natural Gas Corporation Limited (ONGC - The Parent Company); ONGC Videsh Limited (OVL – a wholly owned subsidiary of ONGC); ONGC Nile Ganga BV (ONG BV - a wholly owned subsidiary of OVL) and Mangalore Refinery and Petrochemicals Limited (MRPL - a subsidiary of ONGC). Oil and Natural Gas Corporation Limited (ONGC) is India's most valuable company, with a market share of more than 80% in the exploration and production of crude oil and natural gas in India. ONGC recorded the highest profit among all Indian companies with $1.92 Billion (Rs. 8664.4 Crore) in the year 2003-2004. Its crude oil production in 2003-2004 was 26.7 million tons and natural gas 25.70 billion cubic meters. ONGC also produces Value Added Products (VAP) such as C2-C3; LPG; Naphtha and SKO.ONGC Videsh Limited (OVL) is the overseas arm of ONGC, engaged in exploration and production activities. It operates E&P businesses transnationally across 10 countries, making ONGC India's largest multinational. In recent years, it has gained a foothold in hydrocarbon production in various countries, including Ivory Coast and Australia. ONGC Nile Ganga BV is a wholly owned subsidiary of OVL and holds interests in a manufacturing sector in Sudan. Mangalore Refinery and Petrochemicals Limited (MRPL), in which ONGC now owns 71.6% stake, was taken over by ONGC in March 2003. Under ONGC's management control, MRPL has seen a major turnaround trending and its market valuation increased by 1,100%. MRPL has one of the modern refineries in India at Mangalore with an annual capacity of 9.69 MMTPA. It is the most energy efficient refinery in India and has a double-digit energy ratio of 85%. ONGC plans to arrange international import/sale of crude oil and export of petroleum products through a tender process for all group companies. However, it would be limited to companies/firms/suppliers registered with ONGC in its Approved Vendor Lists. HISTORY 1947 – 1960 During the pre-independence period, the Assam Oil Company in the north-east and the Attock Oil Company in the north-western part of undivided India were the only oil companies producing oil in the country, with minimal exploration input . Most of India's sedimentary basins were deemed unsuitable for the development of oil and gas resources. After independence, the national government realized the importance of oil and gas for rapid industrial development and their strategic role in defense. As a result, during the formulation of the Industrial Policy Declaration of 1948, the development of the oil industry in the country was considered of utmost necessity.