Pros
Joined the company after 5 years work - ex in two private companies. 1. Right now in the year 2017 when compared to private sector - one is well paid - at least at entry level. 2. Highly motivated employees. No doubt these guys are the best (I have seen) in terms of dedication, sincerity and hard-work, especially guys working in field. 3. Don't know if it's a boon or a bane but at one level everyone is paid same salary irrespective of one's specialization (Engineering, Management, Graduate) or the institute one has come from (an IITian or a management degree from any college or a simple graduate). "Sarva Upadhi vinirmuktam..."
Cons
1. Management is full of people who only talk, but never care to take the right path. For them target is to be completed ASAP. 2. Employee's safety is on paper and words only, can't say for off-shore, though. 3. Too much dependence on paper work. (One can practically experience see red tape-ism here) 4. Work conditions are pathetic. Doesn't looks like work space of "fortune-500" company (though exceptions are there for those working in higher echelons). 5. Ludicrous logic behind keeping all benefits for everyone. (An office guy gets the same no of dangri and safety shoes as a guy working in field/site say drilling/production). What a waste of resources. 6. Management doesn't care for the specific skill set one may have. They will just throw you randomly anywhere to work. 7. Except for salary and medical benefit employees physical, mental and emotional state are ignored. 8. Every thing here is "top-down", they just don't engage with the employees. Many of the cons I enumerated above are true for many public and private companies, but then how is ONGC different then? Are we setting a better standard ? Answer is 'NO'. Should we ? Yes!