PSU Oil and Natural Gas Corporation (ONGC) is investing Rs 1 lakh crore by the end of this decade in low-carbon energy opportunities, including renewables and green hydrogen as it looks to transform into a low-carbon energy player. The company stated it is aligned with the nation’s goal to cut carbon emissions by 1 billion ton and reduce carbon intensity by 45% by the year 2030.
ONGC plans to reduce carbon footprint in its effort to achieve net zero for scope 1 and 2 emissions by 2038. It has integrated practices by which it has reduced scope 1 and 2 emissions by 17% in the last 5 years and saw 2.33% reduction in FY23 alone.
The firm 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. “ONGC is planning to set up two green-field O2C plants in India,” the statement said without giving details.
It is also “charting a roadmap for opportunities in renewable energy and low-carbon sectors. ONGC is investing around Rs 1 lakh crore by the end of this decade, on its multiple green initiatives and is planning to scale up its renewable portfolio to 10 GW by 2030.” ONGC is also actively exploring collaborations with leading players to leverage various low-carbon energy opportunities including renewables, green hydrogen, green ammonia and other derivatives of green hydrogen. The company also stated that oil and gas exploration still remains the central pillar of the business and exploration areas – “basins” and deep water field exploration remain key areas of focus.
In recent years, ONGC has persistently pushed the frontiers of exploration, expanding its boundaries. Under its ‘Future Exploration Strategy’, ONGC has set up an ambitious target to bring 5 lakh square kilometers of area under active exploration by acquiring one lakh square km every year, spending Rs 10,000 crore annually on exploration by 2025.
