(EnergyAsia, May 29) — Indian upstream company ONGC has named R.S. Sharma as acting chairman and managing director, succeeding Subir Raha who completed his five-year term last week.
Mr Raha’s request for his tenure to be extended was rejected as he had resisted the Indian government’s attempt to assert greater control over the company. ONGC has been seen as ineffective in building up India’s oil and gas reserves at a time when the country needs security of energy supply to bolster its economy.
ONGC contributed to about three-quarters of India’s total crude oil output of 695,000 barrels per day in April.
Mr Sharma, 55, who joined the board in March 2002, retains his position as ONGC’s finance director. He is also a member of the boards of Indian Oil Corporation Ltd and ONGC subsidiaries — ONGC Videsh Ltd (OVL), Mangalore Refinery & Petrochemicals Limited (MRPL) and ONGC Mittal Energy Services Ltd (OMESL).