2005, 2019, and now 2020 – Fire incidents at ONGC are raising serious concerns

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ONGC that is also known as one of the best companies in the sector of energy in India has faced a critical situation in its unit in Gujarat. The situation was made critical after three small blasts happened in the plant at Hazira, Gujarat and it was not long when the fire was all over the place. But as per the news, it is reported that no casualties have been there in this incident and fire has been extinguished too.

If we talk about the whole incident then it started late in the night around 3:05 AM when the fire was noticed by workers working there and after this, they didn’t take much time to enable the emergency shutdown. The fire was extinguished by 7:30 AM in the morning. The reason behind this fire is till now known to be leakage of gas in the plant.

It is also been said that carelessness was also there by the officials of ONGC as explosions that occurred there were heard but they did not react or we can say responded to it. In the defense of this, the officials said that it was expected that the noise that was there due to blasts were thought of as more release of gas for depressurizing the gas line.

The effect of this fire can not only be seen in the plant but on the stock market too. After this news was viral over all the places, the prices of shares of ONGC dropped by 3% at the start of the day. And by the end of the stock market’s working period of the day they showed growth in price a little but not much as by then also they were down by almost 2%.

In 2 years, ONGC has reported 2 cases of fires like this and many are now saying that there are many safety issues in this company as this level of fire can only be caused by serious issues. Earlier the fire that took place was in Mumbai (more specifically Navi Mumbai) and this occurred in September 2019.

These two incidents can very well make one remember the huge incident that took place in 2005. In 2005, the fire was so devastating that 12 people were reported to be dead by the fire and the casualties that were reported were 300+.

Oil and Natural Gas Corporation (ONGC) is an Indian public division of global raw petroleum and gas organization. Its enrolled office is in New Delhi. It is claimed by the Government of India, under the managerial control of the Ministry of Petroleum and Natural Gas. It is the biggest oil and gas investigation and creation organization in the nation and produces around 70% of India’s raw petroleum (proportional to around 57% of the nation’s complete interest) and around 84% of its flammable gas. In November 2010, the Government of India presented the Maharatna status to ONGC.

In an overview by the Government of India for the monetary year 2019–20, it was positioned as the biggest benefit making PSU in India. It is positioned seventh among the Top 250 Global Energy Companies by Platts.