ONGC to scale up renewable portfolio to 10 GW by 2030

In an important move, ONGC (Oil and Natural Gas Corporation Limited) has charted an extensive roadmap to drastically enhance its low-carbon energy portfolio.

State owned ONGC, has long pioneered decarbonization initiatives, achieving substantial emissions reductions over the years. Integrating sustainability into its core operations led to a remarkable 17 per cent reduction in Scope-1 and Scope-2 emissions within the past five years. In fiscal year 2023 alone, ONGC slashed its emissions by an impressive 2.66 per cent. Demonstrating their dedication to a greener future, ONGC is ramping up investments in eco-friendly endeavors to realize a Net-Zero status for Scope-1 and Scope-2 emissions by 2038.

Officials say, ONGC is engaging in strategic collaborations with prominent energy players to explore a myriad of low-carbon energy avenues, including renewables, green hydrogen, and their derivatives. This forward-thinking approach extends into the Oil to Chemical (O2C), refining, and petrochemical sectors, reflecting ONGC’s insightful understanding of India’s evolving energy landscape.

Recently, in his Independence Day address, Prime Minister Narendra Modi emphasized the nation’s commitment to renewable energy, sparking ONGC’s determination to curtail carbon emissions by 1 billion tons and simultaneously slash carbon intensity by 45 per cent before 2030.

Two state-of-the-art green-field O2C plants are poised to emerge under ONGC’s visionary plan, igniting excitement for the green energy revolution. ONGC’s roadmap also envisions a robust expansion into renewable energy and low-carbon sectors, with an impressive target of 10 GW in its renewable portfolio by 2030. As the horizon of possibility expands, ONGC remains actively engaged in forging collaborations with industry leaders to harness the full potential of renewables, green hydrogen, and their derivatives.

Underlining its commitment to innovation, ONGC is directing substantial efforts towards research and development in carbon capture, utilization, and storage (CCUS) technologies, a critical step in mitigating emissions from existing processes.

However, ONGC remains steadfast in its commitment to oil and gas exploration and production (E&P), an essential cornerstone of its energy business. The company is unwavering in its pursuit of extensive exploration in known basins and frontier plays, alongside sustained production from existing fields and the exploration of deep water reserves.

Harnessing the prowess of cutting-edge technologies, ONGC is unlocking additional commercial value from existing producing pools through time-bound and technology-intensive IOR/EOR schemes. These projects are poised to contribute substantial increments of oil and gas to ONGC’s illustrious portfolio.

In a remarkable display of ambition, ONGC’s ‘Future Exploration Strategy’ aims to bring a staggering 5 lakh square kilometers of area under active exploration. This entails acquiring one lakh square kilometers annually, with a committed annual investment of Rs. 10,000 crore by 2025.

Adapting to the dynamic energy landscape, ONGC is poised to evolve into a future-ready entity that embodies resilience, agility, and adaptability. This strategic evolution will redefine ONGC as an ‘energy’ company, transcending its legacy as a mere oil and gas explorer and producer.