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ONGC, the state-owned Oil and Natural Gas Corporation, is planning to invest approximately Rs 2 trillion to achieve its net-zero carbon emissions target by 2038. This ambitious initiative includes setting up renewable energy sites, green hydrogen plants, and eliminating gas flaring entirely.
Responsible for a significant portion of India's crude oil and natural gas production, ONGC recently released a detailed 200-page document outlining its strategy to achieve net-zero emissions while also enhancing hydrocarbon output to meet national energy demands.
By 2030, ONGC plans to invest Rs 97,000 crore in developing 5 gigawatts of renewable energy capacity, green hydrogen facilities, biogas projects, pump storage plants, and offshore wind installations.
An additional Rs 65,500 crore will be allocated by 2035, primarily for green hydrogen and green ammonia production, with Rs 38,000 crore planned by 2038 for 1 gigawatt of offshore wind projects. These efforts aim to offset 9 million tonnes of carbon emissions directly (Scope-1) and indirectly (Scope-2).
To achieve zero gas flaring by 2030, ONGC will invest Rs 5,000 crore in technological advancements. The company also plans to address methane emissions, releasing 554 million cubic meters in 2021-22 due to incidental oil by-products or uneconomical quantities for consumer piping.
ONGC's strategy includes Rs 30,000 crore for 5 gigawatts of solar parks and wind turbines by 2030, with additional investments for solar and wind capacities by 2035 and 2038. By 2030, offshore wind projects are expected to generate 0.5 gigawatts of electricity, scaling up to 1.5 gigawatts by 2035 and 2038.
Investments of Rs 20,000 crore are also planned for 3 gigawatts of pump storage plants, ensuring electricity supply during renewable energy downtimes. Remaining investments will focus on biogas, carbon capture, and other clean energy initiatives.
Despite these efforts, ONGC will continue its oil and gas exploration and production, acknowledging crude oil and gas as primary energy sources amidst global transitions away from fossil fuels.
ONGC's commitment to sustainable practices is evident as it navigates the energy landscape, aiming to mitigate Scope-1 and Scope-2 emissions while meeting India's energy needs.
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