State-owned Oil and Natural Gas Corporation (ONGC) is investing Rs 1 lakh crore in low-carbon energy opportunities, including renewable energy and green hydrogen, by the end of this decade as it looks to transform into a low-carbon energy player. Wants to Said.

In a statement, India’s largest crude oil and natural gas producer said it has detailed “a roadmap to significantly enhance its low-carbon energy portfolio”.

It added, “ONGC has aligned itself with India’s ambitious goals and is wholeheartedly committed to the country’s goal of cutting carbon emissions by 1 billion tonnes as well as reducing carbon intensity by 45 per cent by 2030.” Contributing from.

It added that the company has adopted various de-carbonisation levers which have resulted in significant emission reduction over the years.

“Integrating sustainable practices into core operations has reduced Scope-1 and Scope-2 emissions by 17 per cent in the last five years. ONGC has set a target of 2.66 per cent reduction in its emissions in FY2023 (April 2022 to March 2023 financial year) There is a shortage of.

“ONGC plans to significantly increase its spending on green initiatives to reduce its carbon footprint as part of its comprehensive endeavor to achieve net-zero for Scope-1 and Scope-2 emissions by 2038,” the statement said. Planned.”

The company is in an advanced stage of formulating collaborations with leading players in the energy sector on various low-carbon energy opportunities including renewable energy, green hydrogen, green ammonia and other derivatives of green hydrogen.

“ONGC plans to set up two green-field O2C plants in India,” the statement said without giving details.

It is also laying out a roadmap for opportunities in “renewable energy and low-carbon sectors”. ONGC is investing around Rs 1 lakh crore on its various green initiatives and aims to expand its renewable portfolio to 10 GW by the end of this decade. planning to expand.” by 2030.”

ONGC is actively exploring collaborations with leading players to leverage various low-carbon energy opportunities including renewable energy, green hydrogen, green ammonia and other derivatives of green hydrogen.

In addition, the focus is on research and development in carbon capture, utilization and storage (CCUS) technologies to reduce emissions from existing processes.

“However, oil and gas exploration and production (E&P) will continue to be the cornerstone of its energy business. Extensive exploration in known basins as well as marginal fields, continued production from existing fields and exploitation of deepwater areas will continue to be thrust Central Sectors will remain,” the statement said.

In recent years, ONGC has continuously pushed the frontiers of exploration by expanding its horizons.

Under its ‘Future Exploration Strategy’, ONGC has set an ambitious target of bringing 5 lakh sq km area under active exploration by 2025 by spending Rs 10,000 crore annually on exploration, acquiring one lakh sq km every year.

“ONGC is dynamically evolving to meet the changing realities. With our immediate focus on exploration and production, we are also creating a future-ready ONGC that exemplifies flexibility, agility and adaptability. With each step forward, its discourse and actions will be more aligned with that of an ‘energy’ company rather than just an oil and gas explorer and producer,” the statement said.

(Only the headline and image of this report may have been reworked by Business Standard staff; the rest of the content was auto-generated from a syndicated feed.)

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