India’s largest oil and gas producer, Oil and Natural Gas Corporation (ONGC), has plans to expand its renewable energy portfolio.
The company has adopted a two pronged strategy for the same. One, ONGC has submitted a tender for one gigawatt of renewable energy. Secondly, it has established ONGC Green (OGL) as a new subsidiary to manage these assets.
OGL will oversee the company’s renewable energy initiatives, including solar, wind, hybrid, hydropower, tidal, geothermal, biofuels, biogas, green hydrogen, energy storage, carbon capture, and LNG sectors.
ONGC Chairman and CEO A.K. Singh said, “If we secure one GW this year, it will be through inorganic means. Our goal for this year is to exceed one GW through such methods”.
It must be noted that the company has plans to invest Rs 2 trillion in renewable energy to offset 9 million tonnes of carbon dioxide equivalent (CO2e) being released into the environment every year, and achieve net-zero emissions by 2038. Investments include:
- Offshore wind: ONGC plans to install 0.5 GW of offshore wind capacity by 2030, 1 GW by 2035, and an additional 1 GW by 2038.
- Pump storage plants: ONGC plans to invest in 3 GW of pump storage plants to ensure electricity supply during low renewable energy availability.
- Green hydrogen and green ammonia: ONGC plans to invest in a green hydrogen or green ammonia plant by 2035.
- Gas flaring: ONGC plans to cut gas flaring to zero by 2030.
- Biogas and carbon capture: ONGC plans to invest in biogas and carbon capture technologies.