Retired BPCL Chairman Arun Kumar Singh appointed ONGC CMD for three years

In the first instance of a retired official being brought back to head a public sector utility in the oil and gas sector, ex-Chairman of Bharat Petroleum Corporation Limited (BPCL), Arun Kumar Singh, has been appointed Chairman and Managing Director of the Oil and Natural Gas Corporation (ONGC) for three years. Singh had retired from BPCL in October 2022.

The country's largest oil and gas producer has been without a regular CMD since April 2021, with the senior most director on the board having been entrusted with the additional charge. The company has had a record three interim heads. Currently, Rajesh Kumar Srivastava, Director (Exploration) holds the CMD's post as additional charge.

The government had set up a Search-cum-Selection Committee in February, 2022 for filling up the post. The panel was headed by Chairperson, PESB, and had Petroleum and Natural Gas Secretary Pankaj Jain, and ex-Chairman of Indian Oil Corporation Limited (IOCL) B Ashok as members. The committee had interviewed six candidates.

The government has also approved board-level changes at the company, the Ministry of Petroleum and Natural Gas said in a press brief. It has mandated the merger of the posts of Director (Onshore) and Director (Offshore) into a single position--Director (Production). Another new post, Director (Strategy & Corporate Affairs) will be created.

The revamped Board of Directors is expected to play a pivotal role in realising synergies and ensuring enhanced collaboration within the organisation and also with relevant external stakeholders. The current board has 15 positions, comprising seven full time directors, and six independent directors.

The restructuring has been approved in the context of emerging trends in the energy sector and national energy priorities.

"The medium and long term strategic goals of ONGC require it to deliver in respect of enhanced production, increased exploration with an emphasis on technology and pace of implementation, partnerships with reputed sectoral firms to leverage best in class technology," it said.

Efficient and engaged management of Joint Ventures, partnerships and subsidiaries, effective capital allocation, portfolio review, management and expansion of overseas assets and development of a leadership pipeline are also areas of focus, it stressed.