ONGC beats Cnooc to be Asia's No.1 E&P firm

India's Oil and Natural Gas Corporation (ONGC) has beaten Chinese rival Cnooc to become Asia's top oil and gas exploration and production (E&P) company.

Under the stewardship of R S Sharma, ONGC climbed three places to take the top slot in the 2010 rankings released by Platts, one of the most respected global provider of energy and metals information.

China National Offshore Oil Corporation (CNOOC) slipped to the No.2 slot in this year's list.

In the overall Platts Top 250 Global Energy Company Rankings, that rated world's leading oil & gas, power and coal firms, ONGC claimed the 18th spot, from the 26th position in 2009 rankings.

With revenues of $22 billion, ONGC reported a profit of $4.24 billion in 2009-10, which forms the basis for the Platts rankings. It had assets worth $33.37 billion.

Under Sharma, ONGC has been able to arrest decline in output from its ageing fields through innovative use of technology and has set the floor for reversing the declining trend of the past by fast-track development of new and marginal fields.

Sharma will retire as Chairman and Managing Director of ONGC on January 31 next year, but the initiatives taken under him will see the company's oil production rise to 28 million tonnes in 2013-14, from the current 25 million tonnes.

Natural gas production is slated to rise to over 100 million standard cubic meters per day (mscmd) by 2014-15 from the current 58.86 mscmd.

Platts also ranked ONGC as the fastest-growing company in Asia in the E&P sector.

The global list, headed by Us-based ExxonMobil Corp, had billionaire Mukesh Ambani-run Reliance Industries at the 13th position, Platts said.

Reliance had assets of $55.94 billion and revenues of $43.63 billion. It had a profit of $5.24 billion.

Embattled British energy giant BP Plc was placed second, ahead of Gazprom OAO of Russia, Petrobras Brasileiro of Brazil, Total SA of France E.On AG of Germany, Petrochina Co, China Petroleum, Chevron Corp of US and Royal Dutch Shell.

Platts ranked Reliance Industries as the top oil refining and marketing company in Asia, while state-owned GAIL India was ranked the first among gas utilities. State-owned NTPC was ranked second in power utility in Asia, behind Constellation Energy Group.

Indian Oil Corp (IOC) was placed third in Asia's refining and marketing company ranking, Bharat Petroleum on fifth and Hindustan Petroleum at 19th position.