Butola joined ONGC in 1991 as Deputy General Manager (F&A) and was appointed as Director (Finance) of OVL, the overseas investment arm of the state explorer in 2002. “The Department of Personnel (DoPT) has communicated the ACC decision and now the Petroleum Ministry will issue a formal order appointing Butola as IOC Chairman for five years or till he achieves retirement age of 60, whichever is earlier,” an official said. Butola can technically takeover on Monday.