Related Articles
Forward article link
Share PDF with colleagues

ONGC's lucky mascot

India's multinational oil and gas firm bought its first offshore rig in 1973. Since then, the Sagar Samrat has become a stalwart for the country's oil output

In the early 1950s, when India was still wrestling with post-independence teething troubles, finding oil was urgent. Prophets of doom-particularly those among western experts-were many, all too ready to write off Indian sedimentary basins as devoid of hydrocarbon reservoirs. Oil & Natural Gas Commission (ONGC) was set up in August 1956 as a national oil company amid this widespread scepticism. The organisation set about disproving the many gloomy predictions, and made its first discovery in Cambay in September 1958. It followed up with another find in Ankleshwar in May 1960. The hat-trick was completed when oil was struck near Rudrasagar in Assam in December of the same year. India n

Also in this section
Another Yukos?
19 July 2017
Rosneft acquired prized oil producer Bashneft, but now it's taking the previous owner to court. The case will have ramifications for capital markets
“Lower for longer is the new normal”
11 July 2017
Baker Hughes, a GE Company head Lorenzo Simonelli says newly merged firm is already adapting to the industry’s leaner environment
Suncor's long-term value
28 June 2017
Suncor is Canada's oil sands champion. It celebrates its hundredth anniversary this year