ONGC commits up to Rs 2 Tn investment for emission targets

01 Sep 2023 CW Team

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.

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