ONGC signed an MoU with Solar Energy Corporation of India (SECI) to develop renewable, ESG projects
Oil and Natural Gas Corporation Ltd (ONGC) has signed the memorandum of Understanding (MoU) with Solar Energy Corporation of India (SECI) to advance its green energy objectives.
The MoU was signed in New Delhi by ONGC CMD Subhash Kumar and SECI MD Suman Sharma. MoU establishes a wide, overarching framework for ONGC and SECI to interact and cooperate on renewable energy projects such as solar, wind, solar parks, the electric vehicle value chain, green hydrogen, and storage, among others.
ONGC CMD Subhash Kumar stated on the occasion, “While we recognize the severity and urgency of the climate change problem, we also recognize our responsibility to the country’s energy security and are dedicated to conducting business sustainably.”
ONGC is pursuing a multifaceted approach to diversify its green energy portfolio and expects to gradually achieve carbon neutrality through effective carbon management and the addition of renewable energy capacity.
SECI MD Suman Sharma said, “SECI is happy to collaborate with ONGC on this ground-breaking effort that will pave the way for new avenues of sustainable development and would propel India to new technological and scale boundaries. We are committed to assisting India in meeting its climate commitments and look forward to our continued collaboration.”
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ONGC, India’s largest oil and gas company, has pursued a green energy agenda through a variety of alternative and renewable energy sources. It has set a target of generating at least 10 GW of renewable energy by 2040 while maintaining a focus on its core exploration and production business.
ONGC joins the Global Methane Initiative as the first non-American company (GMI). ONGC has prevented about 20.48 MMSCM of methane gas leakage into the atmosphere, resulting in an environmental benefit of nearly 3 lac tons of CO2 Equivalent.
ONGC has partnered with IOC to establish a CCUS project for Enhanced Oil Recovery (EOR) from depleted oil resources, recognizing the strategic importance of CCUS technology in the transition to Net-Zero Emissions.
The project will use CO2 collected from IOC’s Koyali refinery to inject into the Gandhar oil field’s depleted reserves in Gujarat.
ONGC is also proposing India’s first 200-300 MW offshore wind demonstration project, for which a feasibility study is being conducted in collaboration with NTPC Limited.
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