Amidst a recent development, Maharatna PSU Oil & Natural Gas Corporation Ltd (ONGC) has announced an investment of Rs. 2 lakh crore on green energy projects, including renewable energy and green hydrogen. In a bid to become net zero by 2038, the PSU released a 200-page decarbonisation roadmap where it further pledged to do away with gas flaring.
The PSU stated, “ONGC will invest Rs 97,000 crore by 2030 in setting up 5 gigawatts of renewable energy capacity, green hydrogen, biogas, pump storage plant and offshore wind project.” Another investment worth a whopping Rs 65,500 crore will be invested by 2035, mostly in a green hydrogen or green ammonia plant, and the remaining Rs 38,000 crore by 2038, primarily in setting up 1 GW of offshore wind projects. These projects will help the firm offset 9 million tonnes of carbon emissions it is directly (Scope-1 emissions) or indirectly (Scope-2 emissions) responsible for.
ONGC plans to spend Rs 30,000 crore in setting up 5 GW solar parks and also add 1 GW of solar and onshore wind capacity by 2035 and 2038 for Rs 5,000 crore each. It will invest Rs 40,000 crore by 2030 and a similar amount by 2035 to set up two 1,80,000 tonnes per annum green hydrogen and/or 1 million tonnes of green ammonia projects. ONGC, which has installations in the Arabian Sea and Bay of Bengal to produce oil and gas from below the seabed, is also looking at installing offshore wind turbines to generate 0.5 GW of electricity by 2030 and double it by 2035. The first 0.5 GW offshore wind project is likely to cost Rs 12,500 crore and the next about Rs 12,000 crore. The company shall also invest Rs 20,000 crore to set up 3 GW of pump storage plants to meet electricity requirements when renewable sources like sunlight and wind energy are not available.
