The company will also increase its investment in green initiatives to minimise its carbon footprint as it seeks to achieve Net-Zero for Scope-1 and Scope-2 emissions by 2038
The company has announced that it will invest around INR1trn ($12bn) to expand its renewable capacity to 10GW by 2030. (Credit: SuLTan0203/ commons.wikimedia.org)
Indian state-owned energy company Oil and Natural Gas Corporation (ONGC) has developed a plan to expand its low-carbon energy offerings significantly.
The company has announced that it will invest around INR1trn ($12bn) to expand its renewable capacity to 10GW by 2030. It is also exploring partnerships with leading entities to capitalise on various low-carbon energy prospects, encompassing renewables, green hydrogen, green ammonia, and related derivatives.
ONGC also said that it is actively contributing to the nation’s target of cutting carbon emissions by 1 billion tonnes and decreasing carbon intensity by 45% by 2030.
It has led the way in adopting various decarbonisation strategies, leading to substantial emission reductions over the years. By integrating sustainable practices into its core operations, it has achieved a 17% reduction in Scope-1 and Scope-2 emissions over the last five years. In FY’23 alone, ONGC decreased its emissions by 2.66%.
The company intends to significantly increase its investment in green initiatives to minimise its carbon footprint as part of a broader effort to achieve Net-Zero for Scope-1 and Scope-2 emissions by 2038.
ONGC is in advanced discussions with key players in the energy sector for potential partnerships in various low-carbon energy fields, including renewables, green hydrogen, green ammonia, and related derivatives. The company’s strategic alliances in the Oil to Chemical (O2C), refining, and petrochemical sectors demonstrate a keen grasp of India’s evolving energy landscape.
Additionally, ONGC is preparing to establish two new O2C plants in India and is outlining a roadmap for involvement in renewable energy and low-carbon domains.
Furthermore, there’s a growing emphasis on advancing research and development in technologies related to carbon capture, utilization, and storage (CCUS) in a bid to reduce emissions from current processes.
Nonetheless, oil and gas exploration and production (E&P) will continue to be the foundation of its energy operations. The company’s primary focus remains on thorough exploration in established basins and emerging areas, maintaining steady production from existing fields, and tapping into deep-water reserves.