New Delhi: The state-run oil exploration ONGC plans to invest $1 trillion and increase its portfolio of renewable energy to 10 GW by 2030. The business is concentrating on partnerships in renewable energy, green hydrogen, and green ammonia to support India’s carbon reduction goals. By 2038, ONGC also hopes to attain net-zero emissions and lessen its carbon footprint.
The company stated, “ONGC is in an advanced stage of crafting collaborations with leading players in the energy space on various low-carbon energy opportunities including renewables, green hydrogen, green ammonia and other derivatives of green hydrogen.”
The company currently has 189 megawatts of electricity generation capacity from renewables and its new target of 10 GW capacity by 2030 could prove to be an ambitious one. The company’s Chief Executive Arun Kumar Singh recently said that the company is aiming to achieve net-zero carbon emissions by 2038, on the back of multiple low-carbon projects.
ONGC also aims to set up a 1 million tonnes per annum green ammonia plant at Mangalore. It is also ramping up its focus “on research and development in carbon capture, utilization, and storage (CCUS) technologies to mitigate emissions from existing processes”.
The company has aligned itself with India’s ambitious goals to “curtail carbon emissions by 1 billion tonnes and simultaneously reduce carbon intensity by 45% by 2030”.
However, ONGC reiterated that oil and gas exploration and production “will remain the cornerstone of its energy business. Extensive exploration in known basins as well as frontier plays, sustained production from existing fields and exploitation of deep-water fields remains the central areas of emphasis.”
