Shanker prepares 'glorious' report of himself

Vol 21, PW 25 (20 Sep 18) People & Policy

His oil ministry masters are apparently unhappy with him but that hasn't stopped ONGC chairman Shashi Shanker preparing a glowing Annual Confidential Report (ACR) trumpeting his efforts to stop declining production after one year in the job.

"Shanker's 'report card' has details of ONGC's current and future projects," confides a company source. "It's a 'glorious' report." Another source adds that despite his heavy workload Shanker manages to hold his head high.

"He is interacting with people more confidently than during his early days as chairman," he says. This despite the inevitable toll on his personal life from juggling the triple responsibility of chairman and managing director, director technology and field services (vacant since October 1, 2017) and director HR (vacant since June 30, 2018).

Yet Shanker, who completes his one-year probation as CMD on September 30, is facing criticism within the oil ministry because of declining production. In the quarter ending June 30, ONGC produced 5.028m tonnes or an average 394,600 b/d oil and 5.926bn cubic metres gas or an average 65m cm/d.

This time last year ONGC produced 5.310m tonnes or an average 416,800 b/d and 5.729bn cubic metres or an average 63m cm/d. "Oil production for the (second) quarter ending September 30 will stay the same," adds an ONGC source.

"But gas might show marginal upside."