Shashi Shanker, the man under whose leadership exploration giant ONGC set the world record by drilling the deepest deep-water well, has taken over as the company's chairman and managing director.
Shashi Shanker, the man under whose leadership exploration giant ONGC set the world record by drilling the deepest deep-water well, has taken over as the company’s Chairman and Managing Director. Shashi Shanker replaced Dinesh K Sarraf, who retired from the service on September 30. It was February, 2013 when state-owned Oil and Natural Gas Corp (ONGC) drilled a well in record water depths of 3174 meters under the leadership of then Director of Technical and Field Services Shashi Shanker. Nearly four and half years later, Shashi Shanker got elevated to the top position at the company.
Shashi Shanker’s appointment as the Chairman and MD comes at a crucial time when ONGC is all set to acquire the government’s 51.11% stake in HPCL, reportedly in bulk or block deals. The outgoing Chairman Dinesh K Sarraf had sought to firm up the ground for not having to pay a premium over the fair value for the government-nudged purchase of PSU refiner HPCL’s majority stake.
Shashi Shanker is a veteran with 30 years of experience in diverse E&P activities. Besides being the Chiarman, Shashi Shanker will also have the additional charge as the Director (In-charge) for ONGC Tripura Power Company (OTPC) and North East Transmission Company Ltd (NETC). He is also on board of ONGC Videsh.
A Petroleum Engineer from Indian School of Mines (ISM), Dhanbad, he also holds an MBA degree with specialisation in Finance. The Appointments Committee of the Cabinet (ACC) named Shanker as CMD till his superannuation, as against an initial one-year term proposed by the Oil Ministry.
ONGC’s crude oil production was 22.56 million tons in 2012-13, which dipped to 22.25 million tons in the following year before rising marginally to 22.26 million tons in 2014-15 and 22.36 million tons in 2015-16. It dipped again to 22.25 million tons in 2016-17.