ONGC Plans
The proposal calls for the production of 1 MMTPA of green ammonia and 5GW of solar energy.
Over the next four to five years, Oil and Natural Gas Corporation Ltd. wants to spend Rs 1 lakh crore on renewable energy, diversifying from its traditional fossil fuel sector. In the next two to three years, the oil and gas exploration would invest the money to build five gigawatts of solar power capacity, according to an interview with BQ Prime with ONGC Chairman and CEO Arun Kumar Singh.
Over the next four to five years, Oil and Natural Gas Corporation Ltd. wants to spend Rs 1 lakh crore on renewable energy, diversifying from its traditional fossil fuel sector. In the next two to three years, the oil and gas exploration would invest the money to build five gigawatts of solar power capacity, according to an interview with BQ Prime with ONGC Chairman and CEO Arun Kumar Singh.
The major issue at the moment is round-the-clock setup, although there is enough space available for the project in Rajasthan and other regions. When that occurs, it will be simple to put up solar production capacity, according to Singh. It should be emphasised that with a CUF, or capacity utilisation factor, solar energy can only be produced during the day.
It would need a combination of solar, wind, and storage, which are currently being used sparingly in the nation. The government is now accepting a number of offers for RTC power. The business will also consider installing a gigawatt capacity for wind power. “It will depend on the bids we place and win at government auctions,” Singh added.
one Green Ammonia Plant MMTPA In collaboration with a private party, the oil and gas firm also intends to build a 1 MMTPA green ammonia factory. He stated that in order to manufacture the green ammonia, the business would consider either using green renewable electricity or the pumped hydro storage technique. The coastal regions would be considered for the plant’s location, according to Singh.
Production Of Fossil Fuel Will Continue The oil producer is sure that fossil fuel will continue to be the primary fuel until 2040, despite its ambitions to diversify into the green economy in order to meet Scope 1 and Scope 2 emission compliance by 2038. “Our exploration activities are in full swing,” he added, adding that we have ambitions to expand our oil and gas operations. By the end of FY24, the business anticipates meeting around 24% of India’s demand based on the expected oil and gas predictions.
After losing 2 million tonnes of oil and equivalent gas in FY23 due to the Russia-Ukraine war, Singh stated that ONGC Videsh Ltd. will resume its prior projected levels as of the first day of FY24. “We hope to get to 16 million tonnes in FY24,” Singh added.
According to him, the domestic output of OVL will account for 23-24% of India’s entire demand in FY24 when combined with conservative projections of ONGC’s domestic production of 45 million tonnes. “We think the oil story will continue, at least through 2040,” the statement reads.
