Pomila Jaspal takes over as ONGC Director (Finance)
New Delhi, April 19, 2022
Pomila Jaspal took over as Director (Finance) of the public sector Oil and Natural Gas Corporation (ONGC) here today.
Prior to this, Ms. Jaspal served as Director (Finance) in Mangalore Refinery and Petrochemicals Ltd (MRPL), a Schedule A Central Public Sector Enterprise (CPSE) and subsidiary of ONGC, since October 2019.
She has also served as Director on the Board of ONGC Mangalore Petrochemicals Limited (OMPL), Petronet Mangalore Hassan Bangalore Limited (PMHBL) and ONGC Petro additions Limited (OPaL).
Ms. Jaspal is a fellow and gold medalist of the Institute of Cost Accountants of India. She is a recipient of the Late Mrs Dhanpati Goel Gold Medal from the Institute. She has obtained a degree in B. Com. (Hons) from MCM DAV College, Chandigarh, and M. Com. from the Punjab University.
A press release from ONGC said she has 36 years of experience across varied segments of the oil & gas industry, encompassing operating, regulatory and policy aspects of upstream and downstream industry.
She was instrumental in the merger of OMPL with MRPL, paving the way for synergy and integration benefits for the ONGC Group. As Director (Finance) of MRPL, she focused on the restructuring of the borrowing portfolios leading to a lower effective rate of interest. She steered MRPL's maiden non-convertible debenture (NCD) issue worth Rs 3,000 crore and also ventured into the commercial paper market at the opportune time that could generate funds at very competitive rates.
In addition, she also facilitated the settlement of many issues on merit under Sabka Vishwas Scheme for Indirect Tax, as well as under Vivad Se Vishwas Scheme for Direct Tax.
Jaspal joined ONGC in 1985 as Finance & Accounts Officer and rose to the position of Executive Director, Chief Corporate Finance where she handled varied assignments, including corporate finance functions such as Direct tax, Indirect tax, Investor relations, Corporate Budget & Project Appraisal, etc.
During her tenure in ONGC, she handled responsibilities in diversified roles at Corporate Office, Dehradun, Mumbai, Assam and ONGC Videsh. She was the first woman to become Head Finance of Assam Asset and handled this challenging assignment for four years. She also has worked in ONGC Videsh Ltd where she handled finance of various assets like Sakhalin, South Sudan, Kazakhstan, and Colombia and steered the buyout of the Azerbaijan Asset.
Ms. Jaspal also worked at the Directorate General of Hydrocarbons (DGH) - the regulatory arm of Ministry of Petroleum & Natural Gas (MoPNG), in its formative years and was instrumental in developing the model Production Sharing Contracts (PSC), which resulted in the signing and awarding of blocks to various private and joint venture companies. She also steered international arbitrations involving huge government stakes.
Ms. Jaspal also worked in the Contract Cell of MoPNG, with exposure to different areas of gas pricing, gas utilization policy, and formulation of policies for smooth implementation of PSCs and monitoring the royalty and profit-petroleum to the Government of India.