India’s prominent state-owned oil enterprise, Oil and Natural Gas Corporation (ONGC), is making a significant stride towards low-carbon energy ventures with an investment of Rs 1 lakh crore by the end of the decade. The move underscores ONGC’s commitment to becoming a pivotal player in the realm of sustainable energy, including renewable sources and green hydrogen.
In an official statement, ONGC, the country’s largest crude oil and natural gas producer, revealed its strategic “roadmap to scale up its low-carbon energy portfolio significantly.” The company has aligned its trajectory with India’s ambitious targets, aiming to slash carbon emissions by a staggering 1 billion tonne and concurrently reduce carbon intensity by 45 percent by 2030.
ONGC has already demonstrated its dedication to decarbonization by implementing various strategies that have notably curtailed emissions. The incorporation of sustainable practices into core operations led to a substantial 17 percent reduction in Scope-1 and Scope-2 emissions over the past five years. Impressively, emissions saw a 2.66 percent reduction in the fiscal year 2022-2023.
Looking ahead, ONGC is poised to amplify its investment in eco-friendly initiatives to minimize its carbon footprint. The company is on a mission to achieve net-zero emissions for both Scope-1 and Scope-2 by 2038, a pivotal step in combating climate change.
ONGC is strategically aligning with key players in the energy sector to capitalize on various low-carbon energy prospects, such as renewables, green hydrogen, and derivatives thereof. The company envisions setting up two green-field O2C (Oil to Chemicals) plants within India, in addition to boosting its renewable energy capacity to 10 GW by 2030.
While embracing these sustainable endeavors, ONGC remains committed to its foundation in oil and gas exploration and production. It intends to continually explore known and frontier basins, extract from existing fields, and tap into deep-water reservoirs, while simultaneously advancing its exploration initiatives.
ONGC’s forward-looking vision underscores its determination to evolve into an adaptable “energy” company that champions both environmental stewardship and energy excellence. With an ambitious exploration strategy in place, ONGC is poised to foster a resilient and agile future while maintaining its core focus on energy exploration and production.