ONGC was formed in 1956 with a vision to make India energy self-sufficient. It has since discovered 6 of India's 7 producing oil and gas basins, and added 6.4 billion tons of reserves. ONGC is ranked the number 1 oil and gas exploration company in the world by Platts. It has subsidiaries like ONGC Videsh for overseas operations and joint ventures in power, petrochemicals, and other industries. ONGC produces about 30% of India's oil needs and has over 40,000 employees with operations in India and 14 other countries.