NTPC, India’s largest power utility with an extensive presence in the power sector boasting a total installed capacity of 73,024 MW, and Oil India Limited, a state-owned company specializing in crude oil and natural gas exploration, development, and production, have taken a significant step towards collaboration. On August 31, 2023, the two industry giants signed a Memorandum of Understanding (MoU) to explore joint efforts in various sectors, including Renewable Energy, Green Hydrogen, Geothermal energy, and other decarbonization initiatives. Additionally, the MoU aims to facilitate the exchange of knowledge and experiences related to emerging decarbonization technologies like Carbon Sequestration.
The signing ceremony featured the presence of Shri Gurdeep Singh, Chairman and Managing Director (CMD) of NTPC, and Dr. Ranjit Rath, CMD of Oil India Limited, along with their Functional Directors.
NTPC has set an ambitious goal to achieve 60 GW of Renewable Energy capacity by 2032 while actively venturing into Green Hydrogen Technology and Energy Storage sectors. The company has already initiated various projects focused on decarbonization, including Hydrogen blending, Carbon Capture, and Fuel cell buses.
Through this strategic partnership and MoU, NTPC and Oil India Limited intend to expand their presence in the Renewable Energy sector and contribute to sustainable solutions, aligning with India’s pursuit of Net-Zero targets. The collaboration signifies a significant step forward in the nation’s transition towards cleaner and more sustainable energy sources, showcasing the commitment of these two Maharatna organizations to fostering a greener future for India.