ONGC commits up to Rs 2 Tn investment for emission targets
OIL & GAS

ONGC commits up to Rs 2 Tn investment for emission targets

ONGC has unveiled a bold investment plan of up to Rs 2 trillion to be implemented in two phases (Scope I and Scope II) by 2038, aligning with its commitment to reducing emissions. These investments encompass initiatives in green ammonia, hydrogen, solar, and other measures aimed at minimising its carbon footprint.

Scope I involves addressing emissions directly controlled by ONGC, while Scope II covers the purchase of fossil fuel-based electricity and related solutions used within the company's processes. ONGC is actively pursuing its renewable energy goals, with the aim of scaling up its renewable portfolio to 10 GW by 2030.

Arun Kumar Singh, Chairman and CEO of ONGC, highlighted the renewed vigour in the global oil and gas sector, with major industry players revising their output reduction plans. He emphasised that the world is now embracing both conventional fuels and renewable energy, marking a significant shift.

In terms of international assets, ONGC reported that production from the Sakhalin-1 oil and gas field in Russia is nearing pre-crisis levels, currently at approximately 180,000 bpd. The production timelines for ONGC Videsh (OVL), the company's overseas arm, remain on track for assets in Colombia and Mozambique.

In Colombia, OVL's Block CPO-5 is producing 17,000 bpd, with plans for further production increases after regulatory approvals.In Mozambique, OVL's 'Offshore Area 1' project, valued at Rs 20 billion, is recovering from a force majeure declaration in April 2021. The revocation of the force majeure is anticipated soon.

ONGC achieved its highest-ever standalone net profit of Rs 388.29 billion in FY23, driven by a continued focus on oil exploration and the deployment of new drilling rigs. The company is also exploring opportunities in the oil-to-chemical (O2C), refining, and petrochemical value chains, including the establishment of two greenfield O2C plants.

ONGC has unveiled a bold investment plan of up to Rs 2 trillion to be implemented in two phases (Scope I and Scope II) by 2038, aligning with its commitment to reducing emissions. These investments encompass initiatives in green ammonia, hydrogen, solar, and other measures aimed at minimising its carbon footprint.Scope I involves addressing emissions directly controlled by ONGC, while Scope II covers the purchase of fossil fuel-based electricity and related solutions used within the company's processes. ONGC is actively pursuing its renewable energy goals, with the aim of scaling up its renewable portfolio to 10 GW by 2030.Arun Kumar Singh, Chairman and CEO of ONGC, highlighted the renewed vigour in the global oil and gas sector, with major industry players revising their output reduction plans. He emphasised that the world is now embracing both conventional fuels and renewable energy, marking a significant shift.In terms of international assets, ONGC reported that production from the Sakhalin-1 oil and gas field in Russia is nearing pre-crisis levels, currently at approximately 180,000 bpd. The production timelines for ONGC Videsh (OVL), the company's overseas arm, remain on track for assets in Colombia and Mozambique.In Colombia, OVL's Block CPO-5 is producing 17,000 bpd, with plans for further production increases after regulatory approvals.In Mozambique, OVL's 'Offshore Area 1' project, valued at Rs 20 billion, is recovering from a force majeure declaration in April 2021. The revocation of the force majeure is anticipated soon.ONGC achieved its highest-ever standalone net profit of Rs 388.29 billion in FY23, driven by a continued focus on oil exploration and the deployment of new drilling rigs. The company is also exploring opportunities in the oil-to-chemical (O2C), refining, and petrochemical value chains, including the establishment of two greenfield O2C plants.

Next Story
Infrastructure Transport

Mumbai-Ahmedabad Bullet Train Set to Launch by 2028

India’s first bullet train is set to revolutionize high-speed travel along the western corridor, with the Mumbai-Ahmedabad high-speed rail project aiming for a 2028 launch. This announcement marks a major milestone in India’s infrastructure goals, as it promises to reduce travel time between the two economic hubs from eight hours to just three.Spanning a planned 508-kilometre stretch, the corridor stands as a flagship example of Indo-Japanese collaboration in technology and engineering. Once operational, the train is expected to transform intercity mobility and place India among the select..

Next Story
Infrastructure Transport

Mumbai-Gandhinagar Train Service Enhances Passenger Capacity

The Mumbai Central–Gandhinagar Capital Vande Bharat Express has increased its passenger capacity by adding four additional AC chair car coaches to meet the growing commuter demand on one of India’s busiest business corridors. This upgrade, effective from 11 May, raised the train’s seating capacity from 1,128 to 1,440 passengers, allowing it to serve 936 more passengers daily in both directions. The increase was described as a practical measure to accommodate the surging demand on the busy Mumbai–Ahmedabad–Gandhinagar route, which regularly operates at over 150 percent seat occupancy...

Next Story
Infrastructure Urban

Delhi Plans 12 Sewage Plants to Clean Najafgarh Drain Efficiently

Delhi’s ambitious plan to improve the water quality of the Yamuna River has gained significant momentum as the Delhi Jal Board (DJB) has begun work on 12 new sewage treatment plants (STPs) aimed at reducing the volume of untreated sewage being discharged from the Najafgarh Drain.This initiative forms part of the ongoing efforts to clean the Yamuna and restore the river’s health, which has long been a critical environmental issue for the national capital. Given the alarming pollution levels in the Yamuna, experts and officials consider this project a vital step toward addressing the persist..

Advertisement

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

Advertisement

Advertisement

Advertisement

Talk to us?