New Delhi: India’s high explorer Oil and Pure Gasoline Corp plans to take a position INR 2 trillion (USD 24.17 billion) on clear vitality tasks in an effort to meet its 2038 net-zero carbon emissions aim, chairman Arun Kumar Singh mentioned on Tuesday.
The corporate, which accounts for about two-thirds of India’s oil manufacturing and about 58% of fuel, is trying to enhance its hydrocarbon output whereas strengthening its presence within the clear vitality sector.
Globally, firms are investing billions of {dollars} to chop their emissions to internet zero.
ONGC would make investments INR 1 trillion by 2030, when it hopes to personal a ten gigawatts of renewable vitality capability, Singh mentioned.
It’s constructing a 5 gigawatts photo voltaic vitality challenge within the desert state of Rajasthan and has plans to arrange offshore wind vitality crops.
“ONGC can also be actively exploring collaborations with main gamers to leverage numerous low carbon vitality alternatives together with renewables, inexperienced hydrogen, inexperienced ammonia and different derivatives of inexperienced hydrogen,” Singh mentioned earlier within the day on the shareholders meet.
The corporate can also be scouting for a accomplice to arrange a 1 million tonnes per 12 months inexperienced ammonia challenge.
“We now have monetary muscle to take a position each in hydrocarbon and new vitality,” Singh mentioned whereas addressing the media. ONGC has the potential to lift as much as INR 5 trillion, he mentioned.
ONGC goals to supply 10,000 barrels per day (bpd) oil from its deepwater block within the Krishna Godavari basin, off India’s East Coast, from October-November this 12 months and hopes to double it by March subsequent 12 months, it mentioned in a presentation.
Oil output from the east coast block might rise to 45,000 bpd in 2024/25, it mentioned. The corporate sees fuel output of a ten million cubic meters a day from the KG 98/2 block by Could-June subsequent 12 months, it mentioned.
