ONGC to expand its renewable energy portfolio to 10 GW by 2030

New Delhi: State-run ONGC aims to scale up its renewable energy portfolio to 10 GW by 2030.

The oil explorer is planning to set up two green-field O2C (oil-to-chemical) plants in India, a company statement on Tuesday said. ONGC is charting a roadmap for opportunities in renewable energy and low-carbon sectors.

"ONGC is investing around ₹1 trillion by the end of this decade, on its multiple green initiatives and is planning to scale up its renewable portfolio to 10 GW by 2030," it said.

The Maharatna company is also actively exploring collaborations with leading players to leverage various low-carbon energy opportunities including renewables, green hydrogen, green ammonia and other derivatives of green hydrogen, the statement added.

The company said that it has aligned itself with India's ambitious goals and is contributing to the nation's aim to curtail carbon emissions by 1 billion tons and simultaneously reduce carbon intensity by 45% by 2030.

ONGC has reduced its emissions by 2.66% in FY’23. ONGC plans to significantly increase its spending on green initiatives to reduce its carbon footprint as a broader effort to achieve Net-Zero for Scope-1 and Scope-2 emissions by 2038, it said.

It is in the advanced stage of crafting collaborations with leading players in the energy space on various low-carbon energy opportunities including renewables, green hydrogen, green ammonia and other derivatives of green hydrogen, it said.

Moreover, there's an increasing focus on research and development in carbon capture, utilization, and storage (CCUS) technologies to mitigate emissions from existing processes.

However, oil and gas exploration and production (E&P) will remain the cornerstone of its energy business. Extensive exploration in known basins as well as frontier plays, sustained production from existing fields and exploitation of deep-water fields remain the central areas of emphasis, the company said.

In recent years, ONGC has also pushed the frontiers of exploration, expanding its boundaries. Under our ‘Future Exploration Strategy’, ONGC has set up an ambitious target to bring 5 lakh square kilometers of area under active exploration by acquiring one lakh square km every year, spending ₹10,000 crore annually on exploration by 2025.