ONGC Plans To Increase Renewable Energy Capacity To 10 GW By 2030

Oil and Natural Gas Corporation (ONGC) plans to raise its renewable energy capacity from 189 mega watts (MW) to 10 giga watts (GW) by 2030 as part of a roadmap for opportunities in the renewable energy and low-carbon sectors.

As part of a larger push to attain net zero for scope-1 and scope-2 emissions by 2038, the state-owned energy giant also expects to considerably expand its investment on green programmes to minimise its carbon footprint.

As per an official statement by the company, “ONGC is investing around Rs 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.” 

Collaborations on a variety of low-carbon energy opportunities, such as renewable energy, green hydrogen, green ammonia, and other derivatives of green hydrogen, are being crafted with key participants in the energy sector.

According to the company, integrating sustainable practices into core operations has allowed for a 17 per cent decrease in scope-1 and scope-2 emissions over the last five years. It also reported that its emissions decreased by 2.66 per cent in FY23.

ONGC has boosted its focus on R&D in carbon capture, utilisation, and storage (CCUS) technology to reduce emissions from existing processes. ONGC also plans to build two green-field oil-to-chemical (O2C) plants in India.

The cornerstone of its energy business will still be the exploration and production (E&P) of oil and gas, though. The key areas of focus continue to be extensive exploration in established basins as well as frontier plays, continued production from active fields, and exploitation of deep-water assets.

By 2025, ONGC has set a lofty goal of bringing five lakh square kilometres of land under active exploration by purchasing one lakh square kilometres each year and investing Rs 10,000 crore on exploration. This goal is part of our "Future Exploration Strategy."