ONGC plans Rs 2 trillion investment for clean energy projects

Oil and Natural Gas Corporation Limited (ONGC) is planning to invest Rs 2 trillion on clean energy projects to meet its 2038 net zero carbon emissions goals. ONGC would invest Rs 1 trillion by 2030, where it targets to own a 10 GW of renewable energy capacity. The company aims to boost its hydrocarbon output along with strengthening its presence in the clean energy sector. Besides, ONGC is exploring collaborations with leading players to leverage various low carbon energy opportunities including renewables, green hydrogen, green ammonia among others. The company is also looking for a partner to set up 1 million tonnes per annum (mtpa) green ammonia project. Moreover, it aims to produce around 10,000 barrels per day (bpd) oil from its deepwater KG-DWN-98/2 (KG-D5) block in October 2023- November 2023 and is likely to double the production by March 2024. Besides, the company aims 10 million cubic meters per day (mscmd) gas output by May-June 2024. The KG-DWN-98/2 block is located in the Krishna-Godavari basin in Andhra Pradesh with an area of 9,800 sq km. The block is currently producing 1.7 mscmd of gas.