The board of Oil and Natural Gas Corporation (ONGC) is being revamped by merging two directorships into one and creating a new position of director for corporate affairs in an attempt to breathe fresh life into the state-owned behemoth that is increasingly looking beyond oil and gas, sources said.

ONGC board presently has six directors for exploration, onshore operations, offshore operations, finance, human resources, and technical and field services. It used to be headed by a chairman and managing director.

The government earlier this month appointed Arun Kumar Singh, who had recently retired as head of the oil refining and fuel marketing company BPCL, as the chairman of ONGC but not as its managing director.

While this is the first instance of a 60-year-old retired person being appointed as the head of a bluechip state owned firm, the government also initiated a board revamp.

A post of director (production) has been created after merging director (onshore), who is in charge of all oil and gas fields located on land, and director (offshore) who looks after all offshore assets such as the prime Mumbai High fields, two sources aware of the matter said. A new position of director (strategy & corporate affairs) has also been created.

The post of director (production) will come into effect from March 1, 2023, after the director (onshore) Anurag Sharma superannuates on February 28, 2023. The job is likely to go to Pankaj Kumar, director (offshore).

The new director (strategy & corporate affairs) is likely to look after information technology, communication services, safety, occupational health, environment, business development, joint ventures, and marketing after a rejig of the workforce between the different functions happens, the sources said.

The jobs that the new position will handle are currently rotated among directors. For instance, marketing is with the director (onshore).

The new director (strategy & corporate affairs) will also ensure undivided focus on new businesses such as renewable energy forays, downstream activities like oil refining and petrochemicals and LNG, besides marketing oil and gas at the best rates.

The revamp is on the lines of the Organisation Transformation Project (OTP) suggested by consulting firm McKinsey.