ONGC loses experts to MNCs, Pvt players

By agencies   |   Wednesday, 17 May 2006, 07:00 Hrs
Printer Print Email Email
NEW DELHI: IndiaÂ’s largest oil producer Oil and Natural Gas Corp (ONGC), has lost nearly 900 of its skilled experts in the last one year to its competitors, who offered 4-5 times more salary than the state-owned firm.

"In last one year alone, ONGC has seen 900 key personnel leave the company to joint multinationals or private companies. And this outflow is expected to increase to alarming proportions in the near future," warned ONGC's Association of Scientific and Technical Officers (ASTO) president LK Mirchandani.

Multinational and private exploration firms offer wage packages at least 4 to 5 times that of ONGC, while the latter flounders when it comes to offering either a career prospect or attractive wages, he said.

Mirchandani said ONGC officers would join the indefinite strike called by Oil Sector Officers' Association (OSOA) from May 31 to demand higher wages.

A strike could mean loss of $36.54 million per day in revenue from stoppage of 71,000 tons per day of crude oil output. Besides 54 million standard cubic meters per day gas production would also be shut, he said.


SPOTLIGHT
GST rate cut to spur Bengaluru
The realty market in India's tech hub is set to grow as lower Goods and Services Tax (GST) rate..
SpiceJet plans aggressive
Budget passenger carrier SpiceJet plans to aggressively expand its international networks to fl..
Ola raises Rs 400 cr for electric
Leading ride-hailing cab aggregator Ola on Friday said it raised Rs 400 crore from its early in..
Fossil Group sells smartwatch
Global watch and accessories maker Fossil Group has announced to sell its smartphone technolog..