ONGC to give additional perks to retiring directors

Bringing itself at par with other oil PSUs, the board of directors of ONGC on Tuesday decided to extend to its retiring CMDs and directors a...

Bringing itself at par with other oil PSUs, the board of directors of ONGC on Tuesday decided to extend to its retiring CMDs and directors additional perks including club membership, laptop computers and cars.

A retired ONGC director would now be entitled to one club membership of his choice at the company’s expense. Besides the usual benefits which are allowed to a retiring director – like retention of family accommodation, telephone facility, conveyance and secretarial assistance, the ONGC board also gave the directors an option to purchase a vehicle being used by board level officers within four months from the date of their superannuation.

A retiring director would also be entitled to a notebook or a desk top with ups, printer and peripherals and would have an option to use a chauffeur-driven car for four months on the same terms and conditions from the date of superannuation.

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Confirming the development, CMD of ONGC Subir Raha told The Indian Express that the board has approved the decision to bring ONGC at par with other oil PSUs in this regard. Nearly all oil and gas PSUs like the IOC, BPCL, GAIL and HPCL have already given these perks to their retiring directors and chairmen, Raha added.

According to sources, the ONGC board on Tuesday also approved investment of Rs 985 crore to develop the Bassein East field, which is estimated to contain 98 million tonne of oil and oil equivalent gas. The field would be put to production in 30 months, sources said.

The Bassein East field is estimated to yield 6.185 million tonne of oil and 3.175 billion cubic metres of natural gas over 2006 to 2021. Bassein (now Vasai), situated between Bombay High field to the West and Mumbai to the East, has been producing gas since September 1988.

It currently produces 15 million cubic metres of gas per day. Bassein East is situated to the East and northeast of Bassein and the two are separated by a low axis. The ONGC board also approved infusion of Rs 450 crore as working capital in loss-making MRPL.