ONGC to invest 2 Lakh crore for carbon neutrality

A comprehensive energy transition strategy, including an investment of around Rs 2 lakh crore, has been presented by the state-owned Oil and Natural Gas Corporation (ONGC) with the goal of achieving zero carbon emissions by 2038. According to the initial phase of the plan, ONGC would allocate Rs 1 lakh crore by 2030 with an emphasis on initiatives involving offshore wind energy, green ammonia, and renewable energy.

The business can presently produce 189 MW of power from renewable sources. 10 GW is the goal by 2030. The company is aggressively looking for projects of a similar size and has already signed an MoU for a 5 GW solar plant in Rajasthan. ONGC is focusing on the southern coasts when it comes to offshore wind energy. Arun Kumar Singh, chairman of ONGC, said, "We are carefully evaluating the offshore wind projects in Tamil Nadu." "We will definitely place our bids if it aligns with our goals after careful evaluation."

25 CBG plants will be built by the business by FY26. "We are actively looking for strategic partners for our CBG projects. Partnering with us gives a considerable advantage given the prestige of ONGC as an investor, he continued. Furthermore, ONGC has developed a proposal for a green ammonia facility that aims for a 1 MMTPA capacity, reaffirming their commitment to setting the standard for sustainable energy solutions.

Singh provided information about the company's geothermal projects in Ladakh. "We are investigating geothermal energy actively. In order to demonstrate our diversification into various renewable energy sources, we aim to produce 1 megawatt of geothermal electricity in Ladakh very soon. Singh reaffirmed that oil and gas exploration and production (E&P) is a sector in which ONGC is quickly growing its presence.