New Delhi: Oil & Natural Gas Corporation (ONGC) has teamed up with Indian Oil Corporation (IOC) to enhance oil recovery by injecting carbon dioxide sourced from IOC’s Koyali refinery in Gujarat, an official statement said. The two oil PSUs have also signed a memorandum of understanding (MoU) to establish a framework for mutually beneficial cooperation in carbon dioxide-based enhanced oil recovery as a mode of carbon capture utilisation and storage (CCUS).
‘Landmark work in Indian hydrocarbon industry’
“The common objective is to address some of the biggest challenges of our country in particular and world at large, namely energy security and climate change... It is a landmark event in the history of Indian hydrocarbon industry, with two its largest conglomerates agreeing to jointly work on CCUS,” ONGC said in a statement.
What all is covered under the MoU?
The MoU focuses on development of carbon dioxide capture plant at Indian Oil’s Koyali refinery with appropriate carbon capture technology, development of business model, increasing domestic oil production through carbon dioxide-based enhanced oil recovery in Gandhar field, the statement said. The project is part of a national emission curtailment measure that aims to support the country's low-carbon development goals.
What is CCUS?
CCUS is touted to be an effective method of oil recovery across the globe and is increasingly being adopted by countries that aim to achieve carbon neutrality. The MoU is aimed at adopting the global success story for India. “The success of CCUS in India will not only increase domestic oil production but also cater to address India’s nationally determined contributions of reducing the emission intensity of GDP by 33 to 35 percent by 2030 as per the Paris agreement,” the statement said. “The project will add up a new dimension towards the national vision of CCUS and will infuse a new life to the depleted matured oil fields of ONGC. The learning curve from this endeavour will create a knowledge base to further expand deployment of CCUS in India,” it added.