Charting a roadmap for opportunities in renewable energy and low-carbon sectors, Oil and Natural Gas Corporation (ONGC) is planning to increase its renewable energy capacity from 189 mega watt (MW) to 10 giga watt (GW) by 2030.
The state-owned energy major also plans to significantly increase its spending on green initiatives to reduce its carbon footprint as a broader effort to achieve net zero for scope-1 and scope-2 emissions by 2038.
“ONGC is investing around Rs 1 trillion 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,” the company said in a statement.
It is in advanced stage of crafting collaborations with players in energy space on various low-carbon energy opportunities including renewables, green hydrogen, green ammonia and other derivatives of green hydrogen.
Integrating sustainable practices into core operations have enabled reduction in scope-1 and scope-2 emissions by 17% in last five years, it said, adding that it has reduced its emissions by 2.66% in FY23.
ONGC, which is also planning to set up two green-field oil-to-chemical (O2C) plants in India, has increased its focus on R&D in carbon capture, utilisation, and storage (CCUS) technologies to mitigate emissions from existing processes.
However, oil and gas exploration and production (E&P) 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 remain the central areas of emphasis.
Under our ‘Future Exploration Strategy’, ONGC has set up an ambitious target to bring five lakh square kilometers of area under active exploration by acquiring one lakh square kilometer every year, spending Rs 10,000 crore annually on exploration by 2025.