ONGC Announces USD 12 Billion Green Investment Plan for Energy Transition Plan
The state-run miner that generates the majority of the country’s oil and gas plans to develop its renewable power portfolio to 10,000 megawatts by 2030 from 189 MW at the end of March.
May 30, 2023. By EI News Network
India’s Oil and Natural Gas (ONGC) is to invest INR 1 trillion (USD 12.1 billion) by 2030 in order to balance its fossil fuel-heavy energy portfolio with green projects.
The state-run miner that generates the majority of the country’s oil and gas plans to develop its renewable power portfolio to 10,000 megawatts by 2030 from 189 MW at the end of March.
It will also work on utilising clean energy to manufacture ammonia and other technologies that can offer round-the-clock production.
The company would take steps to zero out its direct emissions though not those that come from the oil and gas it sells by the year 2038.
The company has a capital spending plan of INR 301.25 billion for the present financial year is almost all provided for the exploration and development of its oil and gas blocks.
ONGC also targets to establish a 1 million tonnes yearly green ammonia plant at Mangalore.
Chief Executive Arun Kumar Singh stated, "We have done our internal workings and are now confident that we can achieve net zero for Scope 1 and Scope 2 emissions by 2038".
He further added, "Overall, the investments (in energy transition projects) will be of the order of INR 1000 billion (USD12.1 billion)”.
please contact: contact@energetica-india.net.
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