ONGC to invest Rs 1 lakh crore in green energy projects

State-owned ONGC Chairman Arun Kumar Singh on Monday said the company will invest Rs 1 lakh crore by 2030 in green projects as part of energy transition. The company has set a target of net zero carbon emissions by 2038, for which it is focusing on green energy. With this, the company joins public sector oil and gas companies Indian Oil, Hindustan Petroleum (HPCL), GAIL and Bharat Petroleum to create a framework for net zero carbon emissions as part of the country’s commitment to address the challenges of climate change. (BPCL) has come under the category.

“We have worked internally and are now confident that we will achieve net zero carbon emissions by 2038,” Singh told reporters here. MW to 1,000 MW. It has already planned 5,000 MW of projects in Rajasthan. The company will also look into offshore wind power projects. In addition, ONGC is also looking at setting up a 1 million tonne per annum green ammonia plant at Mangalore.

Singh said, “In total, there will be an investment of one lakh crore rupees. The company has reversed the declining trend in oil and gas production in 2022-23 and is now looking to increase production from projects located on the east and west coasts. ONGC produced 19.6 million tonnes of oil in the last financial year, which was earlier 19.5 million tonnes in 2021-22. Production is estimated to increase to 21.3 million tonnes in the current financial year and 21.5 million tonnes in 2024-25. On the other hand, the production of natural gas was 20.64 million cubic meters in 2022-23, which is estimated to increase to 23.62 billion cubic meters in 2023-24 and 26.08 billion cubic meters in 2024-25.

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