ONGC Intends To Invest Up To Rs 1 Trillion In Energy Transition By 2030

ONGC, India's largest oil and gas producer will invest up to Rs 1 trillion by 2030 in energy transition goals as part of its goal of becoming carbon neutral by 2038, Chairman Arun Kumar Singh said on Monday.

The Maharatna company also intends to increase renewable energy generation from 189 MW to 10 GW by the end of the decade.

Singh stated at a post-results media briefing in Mumbai that the company agreed with the Rajasthan government to build a 5 GW facility in the state. He added that the company was still looking for opportunities to construct projects worth at least 5 GW more and that it would consider offshore wind as well.

He also mentioned that the company is planning a 1 mmtpa (million metric tonnes per annum) green ammonia facility in Mangalore.

ONGC also intends to increase its oil production through a variety of initiatives rapidly. The expansion plans are scheduled to be carried out by its joint venture ONGC Petro additions (OPaL) and its subsidiary Mangalore Refinery and Petrochemicals (MRPL).

By 2030, the corporation intends to treble its production of these companies to 8 mmtpa. This will necessitate the construction of new facilities for the direct synthesis of chemicals from crude.

According to a presentation given on Monday, the group's overall oil and gas output was at 53 MMToE (million metric tonnes of oil equivalent), including joint ventures and overseas holdings. According to the corporation, it has contributed 68 per cent of India's oil and gas production.

In FY23, ONGC subsidiaries Hindustan Petrochemical Corporation and MRPL combined refinery throughput was 19.09 MMT and 17.14 MMT respectively. ONGC has total reserves of 1,221 MMToE in the same year.