India's ONGC is looking for partners for low carbon initiatives

09 Aug 2023 CW Team

As it adjusts to the energy revolution, leading Indian explorer Oil and Natural Gas Corp is looking for partnerships on creating low carbon projects, according to Arun Kumar Singh, Chairman.

By the end of this decade, ONGC plans to invest Rs 1 trillion in order to reach its 2038 net zero goal for scope one and two emissions, which includes both its own emissions and those brought on by the fuel it uses in its processes.

In addition, Singh noted, "We are actively investigating partnerships with key players in the energy sector on a range of low carbon energy opportunities, including renewables, green hydrogen, green ammonia, and other green hydrogen derivatives."

According to the annual report, the state-controlled corporation aims to acquire 10 gigawatts of renewable energy generation by 2030.

ONGC aims to establish two new oil-to-chemical plants in the nation, according to Singh, who also said that while many nations work to limit their use of fossil fuels and transition to electric vehicles, petrochemical use is anticipated to drive future demand for oil and gas.

As its economy grows, India's petrochemical usage is still rising.

Singh made no more mention of the schedule or location of the projects he called "oil to chemical projects." Hindustan Petroleum Corp. and Mangalore Refinery and Petrochemicals are two of ONGG's refining companies.

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