- In December, ONGC secured government approval to establish a new entity dedicated to its gas business and clean energy initiatives
- As part of its decarbonisation roadmap, the company, India’s largest oil and gas producer, intends to invest Rs 1 lakh crore
India’s top oil producer, ONGC (Oil and Natural Gas Corporation Limited), and the nation’s biggest power firm, NTPC, have recently partnered to establish offshore wind energy projects.
“The JVA marks a pivotal collaboration aimed at spearheading renewable energy projects both within India and on the international stage,” Oil and Natural Gas Corporation (ONGC) said in a statement.
“Specifically, the agreement encompasses ventures in offshore wind projects while also delving into potential opportunities in storage, e-mobility, carbon credits, green credits, green hydrogen business, and its derivatives such as green ammonia and green methanol.”
The contract has been signed by NTPC Green Energy Limited (NGEL) CEO Mohit Bhargava, and ONGC executive director Satish Kumar Dwivedi. The signing occurred in the presence of ONGC chairman and CEO Arun Kumar Singh and NTPC Limited chairman and managing director Gurdeep Singh.
In December, ONGC secured government approval to establish a new entity dedicated to its gas business and clean energy initiatives, including ventures into green hydrogen. The subsidiary, named ONGC Green Limited, will oversee various aspects of the energy sector, including green hydrogen, hydrogen blending, renewable energy (such as solar, wind, and hybrid solutions), biofuels/biogas, and LNG.
As part of its decarbonization roadmap, the company, India’s largest oil and gas producer, intends to invest Rs 1 lakh crore towards installing 10 GW of renewable energy capacity and establishing two million tonnes of green ammonia production annually by 2035.