Centre launches hunt for ONGC head

Advertisement

The panel is finding ways to give a lucrative compensation to a private sector executive which at times is a hurdle for a lateral entry in the public sector jobs…reports Asian Lite News

There is thinking in the Central government to hire a private sector executive to head ONGC, as per media reports.

In February, the centre set up a search-cum-selection committee to choose a chairman-cum-managing director (CMD) at ONGC, which is said to be seeking private sector executives as well.

The panel is finding ways to give a lucrative compensation to a private sector executive which at times is a hurdle for a lateral entry in the public sector jobs, media reports said.

State-owned companies’ executives won’t be eligible for the pay package that will be on offer to those from the private sector. It is worth mentioning here that the panel has not met formally yet.

It includes Public Enterprises Selection Board (PESB) chairperson Mallika Srinivasan, oil secretary Pankaj Jain and Indian Oil’s former chairman B. Ashok.

Srinivasan, the chairperson of tractor-maker Tractors and Farm Equipment (TAFE) is the first PESB chief from the private sector. The PESB selects directors and chairmen for state-run entities.

Earlier, it was reported that the committee rejected all nine candidates who were interviewed for the ONGC role last June. They included some ONGC executives and senior bureaucrats.

 India’s crude oil production fell by 0.95 per cent year-on-year to 2,469.67 thousand metric tonnes (TMT) in April due to lower output from fields operated by private firms, the government data showed on Tuesday.

However, the crude oil production in April is 3.47 per cent higher than the target for the month.

Crude oil production by Oil and Natural Gas Corporation (ONGC) in nomination block during April 2022 was 1,650.65 TMT which is 4.93 per cent higher than the target and 0.86 per cent higher than the production during April 2021, according to data released by the Ministry of Petroleum & Natural Gas. Crude oil production by Oil India Ltd (OIL) in the nomination block during April 2022 was 251.46 TMT which is 0.79 per cent lower than the target but 3.59 per cent higher than the production during April 2020.

Reasons for shortfall in production included less than planned contribution from workover wells, drilling wells and old wells and bandhs /blockade by local people and associations, etc after the Baghjan Blowout, protests and agitation.

ALSO READ: RBI hints at rate hike ahead

[mc4wp_form id=""]