Varma confirmed as ONGC director onshore

Vol 17, PW 22 (19 Jun 14) People & Policy
     

After months of unnecessary waiting, Ashok Varma, head of ONGC's eastern offshore asset and former CEO of OVL subsidiary Imperial Energy, has at last been confirmed as ONGC’s new director onshore.

Varma’s appointment ends months of speculation over the fate of K. Satyanarayana who was refused anti-corruption clearance by the Central Vigilance Commission over his alleged involvement in an ONGC recruitment racket.

Speaking to PETROWATCH from Kakinada, Varma confirmed that he received an appointment letter from the oil ministry on (Thursday) June 19. “My appointment is for five years or superannuation,” says Varma, “whichever comes first.

” Aged 59, Varma will step down a day after his 60th birthday on July 27 next year (2015) unless granted an extension. In India the PESB body responsible for selecting director and above positions in state companies, invites CVs 12 months before a sitting director steps down.

Varma adds he takes up his seat in the director onshore’s office on the 7th floor of ONGC’s corporate HQ in Delhi on (Monday) June 23. “It’s too early to say what my priorities are,” he says.

“For now my major preoccupation is bringing our eastern offshore discoveries on-stream.” Ten days earlier on June 9, ONGC handed additional charge of the director onshore post to executive director Deepak Bakshi, head of the onshore engineering group, pending Varma’s formal appointment.