To realize its green energy objectives, Oil and Natural Gas Corporation Ltd (ONGC) has signed a Memorandum of Understanding (MoU) with Solar Energy Corporation of India (SECI). The MoU was signed by ONGC CMD Subhash Kumar and SECI MD Suman Sharma on behalf of the two national energy companies today, 2 December 2021, in New Delhi.
The MoU provides a broad, overarching framework for ONGC and SECI to collaborate and cooperate for undertaking renewable energy projects including solar, wind, solar parks, EV value chain, green hydrogen, storage, etc.
Speaking on the occasion, Mr Subhash Kumar said: “While we appreciate the magnitude and urgency of the climate change challenge, we also understand our commitment towards energy security of the country and are committed to carrying out our business in a sustainable manner. ONGC has a multipronged strategy to make its green energy portfolio richer and has plans to progressively move towards carbon neutrality by effective carbon management and adding Renewable Energy Capacity”.
Ms Suman Sharma said: “SECI is happy to associate with ONGC in this path-breaking initiative that will open new avenues of sustainable development and promises to take India to new frontiers of technology and scale. We are dedicated towards fulfilling India’s climate commitments and look forward to a continuing partnership.”
ONGC, India’s leading oil & gas company, has been pursuing green energy agenda through various alternatives and renewable sources of energy. It has set a target of producing a minimum of 10 GW of renewable power by 2040 while continuing its focus on the core E&P business.
Solar Energy Corporation of India (SECI), a PSU under Ministry of New and Renewable Energy (MNRE), is engaged in promotion and development of various renewable energy resources, especially solar/wind energy, RE-based storage systems, trading of power, R&D as well as RE-based products like green hydrogen, green ammonia, RE-powered EV, etc. SECI is also the designated implementing agency for many RE schemes of the Government like VGF schemes, solar park schemes, ISTS projects for solar and wind, CPSU schemes, etc.
ONGC JV/Subsidiaries especially Refining and Petrochemicals companies like MRPL, OPAL, OMPL offer great opportunity for green energy business due to the high captive power consumption which can be potentially replaced by green round-the-clock power and also the Grey Hydrogen used in the process that can be progressively replaced by Green Hydrogen.
ONGC has always been a frontrunner when it comes to embracing low carbon technologies and imbibing them in our processes. ONGC has cut down its carbon emission intensity by 13.67 per cent over the last five years as part of making its operations more sustainable through diverse emissions reduction initiatives.
ONGC is among the first few PSUs in the country to have taken a lead in the area of Clean Development Mechanism. The Company has so far registered 15 CDM projects with UNFCCC, and has a total 2.2 million CERs as on date in our CDM account; reflecting our concerns for protection of the environment.
ONGC is first non-American company to be a part of Global Methane Initiative (GMI). Through this program alone, ONGC could so far prevent approximately 20.48 MMSCM of methane gas leakages into the atmosphere with an environmental benefit of approximately 3 lac tons of CO2 Equivalent.
Considering the strategic significance of CCUS technology towards transition to Net-Zero Emissions, ONGC is partnering with IOC for setting up a CCUS project for Enhanced Oil Recovery (EOR) from depleted oil fields. The project will utilize CO2 captured from IOC’s Koyali refinery for injecting in to the depleted reservoirs of Gandhar oil field in Gujarat.
ONGC is also considering India’s first 200-300 MW demonstration Wind offshore power project for which feasibility study is carried out jointly with NTPC ltd.