India’s Oil and Natural Gas Corporation (ONGC) has announced ambitious plans to invest Rs 2 lakh crore (approximately $27 billion) in achieving its net-zero transition targets by 2038, as stated by Chairman Arun Kumar Singh during the company’s annual general meeting (AGM).
Of the total investment, Rs 1 lakh crore (around $13.5 billion) will be dedicated to accomplishing various green initiatives by 2030, with an additional Rs 1 lakh crore allocated by 2038. ONGC, a state-run entity, is committed to reaching net-zero emissions for Scope-1 and Scope-2 by 2038.
Singh disclosed that the company is devising a roadmap to explore opportunities in renewable energy and low-carbon sectors, with the goal of expanding its renewable portfolio to 10 gigawatts (GW) by 2030. ONGC is dedicated to investing approximately Rs 1 lakh crore ($13.5 billion) by 2030 to realize its green initiatives and meet Scope-I and Scope-II emission targets by 2038.
Furthermore, ONGC is actively seeking collaborations with leading players in the energy sector to capitalize on various low-carbon energy opportunities, including renewables, green hydrogen, green ammonia, and other derivatives of green hydrogen.
To address emissions from current processes, ONGC is intensifying its focus on research and development in carbon capture, utilization, and storage (CCUS) technologies.
In terms of production, ONGC is targeting peak crude oil production of 45,000 barrels per day (bpd) from the KG basin in the Bay of Bengal by the fiscal year 2024-25. The company anticipates commencing oil production from the basin at 10,000 bpd by October 2023, following delays attributed to factors such as COVID-19 restrictions, engineering changes, and project execution challenges.
ONGC, India’s largest explorer, aims to strengthen its commitment to sustainability and the transition to cleaner energy sources through these significant investments and operational goals.
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