ONGC commits to 10GW renewable portfolio by 2030 amidst ambitious green initiatives

Aligning with India’s ambitious climate goals announced by Indian Prime Minister Narendra Modi on Independence Day, Energy Maharatna ONGC has unveiled its robust roadmap towards establishing itself as a significant low-carbon energy player. Key to this strategy is the expansion of its renewable portfolio to a striking 10GW by 2030.

ONGC’s record in adopting de-carbonization measures is noteworthy, resulting in substantial emission reductions in the past. A testament to its commitment, the company has seen a decline in Scope-1 and Scope-2 emissions by 17% over the last five years, and a 2.66% reduction in FY’23. With an eye on the future, ONGC is gearing up to invest a colossal ₹1 trillion by the decade’s end in various green initiatives, striving to achieve Net-Zero for Scope-1 and Scope-2 emissions by 2038.

The energy giant is not just banking on renewables; it’s aggressively pursuing collaborative ventures in the green hydrogen, green ammonia, and derivatives sectors. Reflecting a nuanced understanding of the country’s energy trajectory, strategic partnerships have been established in the Oil to Chemical (O2C), refining, and petrochemical sectors. In addition, the plan includes the establishment of two green-field O2C plants in India.

While ONGC’s advancements in low-carbon initiatives are commendable, oil and gas exploration and production (E&P) remain its primary focus. Efforts are concentrated on extensive exploration, sustained production, and the exploitation of deep-water fields. ONGC’s commitment to unlocking additional commercial value from existing reserves is evident in its investment in IOR/EOR schemes.

Under the banner of its ‘Future Exploration Strategy’, the company has set an audacious goal of covering 5 lakh square kilometers for active exploration. By 2025, the company plans to acquire one lakh square km annually, dedicating ₹10,000 crore annually to exploration.

As ONGC continues to evolve, it’s evident that its long-term vision extends beyond just oil and gas exploration. With strategic initiatives and collaborations, ONGC is shaping up as a holistic ‘energy’ company, poised to lead in an eco-conscious future.