Oil and Natural Gas Corporation (ONGC) plans to invest Rs 1 trillion by 2030 to balance its oil and gas exploration and production portfolio with green energy, chairman Arun Kumar Singh said at a press briefing on Monday. “We have done our internal workings and are now confident that we can achieve net-zero for Scope-1 and Scope-2 emissions by 2038,” Singh said, adding that the company will invest INR 1 lakh crore towards the same.
As part of the initiative, ONGC wants to grow its renewable power portfolio to 10 gigawatts (GW) by 2030 from 189 megawatts at the end of March. Of this, the company has already signed an MoU to set up 5GW and is scouting for opportunities to set up another 5GW.
ONGC will also bid for the offshore wind seabed lease tender, India’s first, that will be floated shortly.
The government plans to issue seabed lease tenders for a trajectory of 37 GW by 2030. First phase of offshore wind projects will be located along the coasts of Tamil Nadu and Gujarat, with a combined potential of about 70 GW. ONGC is also looking at setting up a 1 million tonne per annum green ammonia plant at Mangalore.
