New Delhi: Oil and Natural Gas Corporation Limited (ONGC), India’s leading energy major, has been honoured with the prestigious award for “Best Approach to Risk Mitigation” at the CIPS ProcureCon Excellence in Procurement Awards Asia 2025, held in Singapore on July 9, 2025. The recognition celebrates ONGC’s transformative procurement journey and its commitment to ethical, transparent, and resilient practices.
Procurement Transformation Journey
ONGC’s award-winning procurement model is built on three key pillars:
- Centralisation: Establishment of a Central Procurement Department (CPD) to handle nearly 85–90% of procurement under a single umbrella.
- Standardisation: Creation of Nodal Technical Agencies (NTA) for unifying technical requirements and aggregating demand.
- Strategic Insight: Formation of the MIND (Material Management Intelligence & Design) Group to leverage market intelligence, especially in high-value procurement categories.
Robust Risk Mitigation Framework
To strengthen resilience, ONGC has introduced a comprehensive framework that includes:
- Expanding supplier bases to enhance competition.
- Safeguarding integrity through an Anti-Trust Cell to curb collusion.
- Implementing index-linked pricing for stability in volatile markets.
- Ensuring supply continuity via vendor empanelment and enlistment.
- Achieving significant cost efficiencies, including nearly 30% savings in rig hire costs through innovative sourcing models.
Global Benchmarking
With this recognition, ONGC joins the league of global leaders such as Shell Singapore, UNDP, and DBS Bank, reinforcing its position as a frontrunner in procurement excellence.
About ONGC
Oil and Natural Gas Corporation Limited (ONGC), a Maharatna PSU under the Ministry of Petroleum and Natural Gas, is India’s largest crude oil and natural gas producer, meeting a major part of the country’s energy requirements. Guided by its motto “You Are Energy,” ONGC continues to set benchmarks in governance, procurement, and operational excellence while contributing significantly to India’s energy security.
