New Delhi: Oil behemoth Oil & Natural Gas Corporation (ONGC) has signed an agreement with Solar Energy Corporation of India (SECI) on Thursday to develop projects across the spectrum in the renewable energy (RE) sector, including solar, wind, Green Hydrogen, EV value chain, battery storage etc. "To realise its green energy objectives, Oil and Natural Gas Corporation Ltd (ONGC) has signed a Memorandum of Understanding (MoU) with Solar Energy Corporation of India (SECI). The MoU was signed by ONGC CMD Subhash Kumar and SECI MD Suman Sharma on behalf of the two national energy companies today, 2 December 2021, in New Delhi," ONGC said in an official statement on Thursday.
"The MoU provides a broad, overarching framework for ONGC and SECI to collaborate and cooperate for undertaking renewable energy projects including solar, wind, EV value chain, green hydrogen, storage, etc," it added.
Speaking on the occasion, the ONGC CMD said: "While we appreciate the magnitude and urgency of the climate change challenge, we also understand our commitment towards energy security of the country and are committed to carrying out our business in a sustainable manner. ONGC has a multipronged strategy to make its green energy portfolio richer and has plans to progressively move towards carbon neutrality by effective carbon management and adding Renewable Energy Capacity."
SECI's MD Suman Sharma said, "SECI is happy to associate with ONGC in this path-breaking initiative that will open new avenues of sustainable development and promises to take India to new frontiers of technology and scale. We are dedicated towards fulfilling India's climate commitments and look forward to a continuing partnership."
ONGC, India's largest oil and gas company in the upstream, has been pursuing green energy agenda through various alternatives and renewable sources of energy. It has set a target of producing a minimum of 10 GW of RE power by 2040 while continuing its focus on the core E&P business.
ONGC JV/subsidiaries, especially refining and petrochemical companies like MRPL, OPAL, OMPL, offer great opportunity for green energy business due to the high captive power consumption which can be potentially replaced by green round-the-clock power. Also the Grey Hydrogen used in the process can be progressively replaced by Green Hydrogen.
ONGC has cut down its carbon emission intensity by 13.67 per cent over the last five years as part of making its operations more sustainable, said the statement. It added, "Considering the strategic significance of CCUS technology towards transition to Net-Zero Emissions, ONGC is partnering with IOC for setting up a CCUS project for Enhanced Oil Recovery (EOR) from depleted oil fields. The project will utilise CO2 captured from IOC's Koyali refinery for injecting in to the depleted reservoirs of Gandhar oil field in Gujarat."
ONGC is also considering India's first 200-300 MW demonstration Wind offshore power project for which feasibility study is being carried out jointly with NTPC Ltd.
(PSU Watch– India's Business News centre that places the spotlight on PSUs, Bureaucracy, Defence and Public Policy is now on Google News. Click here to follow. Also, join PSU Watch Channel in your Telegram. You may also follow us on Twitter here and stay updated.)