ONGC chief of technology position

Vol 17, PW 20 (22 May 14) News in Brief

ONGC is planning to create the post of chief technology officer (CTO) to manage the introduction of new technologies at the company.

ONGC's board is expected to consider the proposal at a meeting next month (June). "McKinsey recommended the creation of the CTO post," says a senior ONGC manager.

"The matter was also discussed during our strategy meeting in February." ONGC, he adds, wants to introduce new technologies in exploration, drilling and production to meet the objectives of its Perspective Plan 2030.

"Right now different departments like G&G or drilling buy technology separately," says another company source. "Our management wants the process to be integrated.

" ONGC spends over $50m every year to buy technologies to improve efficiency. The CTO will be at executive director rank, an appointment that can only be cleared by ONGC's board.

"Candidates will be selected from within the company," we hear.