ONGC plans to increase its use of renewable energy to 10 GW by 2030

State-run ONGC wants to increase the amount of renewable energy in its portfolio to 10 GW by 2030. The oil exploration intends to build two green-field O2C (oil-to-chemical) factories in India. ONGC is developing a roadmap for potential in the low-carbon and renewable energy industries.

"ONGC is planning to invest approximately $1 trillion by the end of this decade in its numerous green initiatives and is scaling up its renewable portfolio to 10 GW by 2030." The statement further stated that the Maharatna corporation is aggressively investigating partnerships with top companies to take advantage of numerous low-carbon energy prospects, such as renewable energy, green hydrogen, green ammonia, and other derivatives of green hydrogen.

The business said that it has linked itself with India's lofty objectives and is helping the country achieve its target of reducing carbon emissions by 1 billion tonnes and carbon intensity by 45% by 2030. In FY'23, ONGC reduced its emissions by 2.66%. ONGC, as part of a larger endeavour to attain Net-Zero for Scope-1 and Scope-2 emissions by 2038, the company expects to considerably increase its investment on green projects to minimise its carbon footprint.

Collaborations on a variety of low-carbon energy options, such as renewable energy, green hydrogen, green ammonia, and other derivatives of green hydrogen, are currently in an advanced stage of development with top companies in the energy sector. In addition, efforts to reduce emissions from current operations are concentrating more on research and development in carbon capture, utilisation, and storage (CCUS) technology.

The cornerstone of its energy business will still be the exploration and production (E&P) of oil and gas, though. The company stated that its major focus is still on deep-water field operations, continuous production from existing assets, and extensive exploration in both known basins and frontier prospects. The bounds of exploration have also been expanded by ONGC. By 2025, ONGC has set an ambitious goal to bring 5 lakh square kilometres of territory under active exploration by purchasing one lakh square kilometres each year and spending 10,000 crore on exploration.