ONGC to Scale up its Renewable Portfolio to 10 GW by 2030

ONGC is planning to set up two green-field O2C plants in India. The company is charting a roadmap for opportunities in renewable energy and low-carbon sectors.

ONGC is investing around INR 1 trillion by the end of this decade, on its multiple green initiatives and is planning to scale up its renewable portfolio to 10 GW by 2030.

ONGC is in advanced stage of crafting collaborations with leading players in the energy space on various low-carbon energy opportunities including renewables, green hydrogen, green ammonia and other derivatives of green hydrogen. The company's strategic partnerships in the Oil to Chemical (O2C), refining, and petrochemical sectors reflect an astute understanding of India's evolving energy landscape.

The company is also actively exploring collaborations with leading players to leverage various low carbon energy opportunities including renewables, green hydrogen, green ammonia and other derivatives of green hydrogen.

Moreover, there's an increasing focus on research and development in carbon capture, utilization, and storage (CCUS) technologies to mitigate emissions from existing processes.

However, oil and gas exploration and production (E&P) will remain the cornerstone of its energy business. Extensive exploration in known basins as well as frontier plays, sustained production from existing fields and exploitation of deep-water fields remain the central areas of emphasis.

ONGC's commitment to time-bound and technology-intensive IOR/EOR schemes, serves as evidence of their ability to unlock additional commercial value from existing producing pools or standing reserves. It’s significant development and redevelopment projects are strategically positioned to contribute substantial increments of oil and gas to our portfolio.

In recent years, ONGC has persistently pushed the frontiers of exploration, expanding its boundaries. Under our ‘Future Exploration Strategy’, ONGC has set up an ambitious target to bring 5 lakh square kilometers of area under active exploration by acquiring one lakh square km every year, spending ₹10,000 crore annually on exploration by 2025.