New Delhi: Energy major Oil and Natural Gas Corporation Ltd (ONGC) will invest around Rs 1 lakh crore to scale up its renewable capacity and achieve multiple green initiatives by 2030.
Addressing shareholders at the companys 30th annual general meeting (AGM) on Tuesday, Chairman and CEO Arun Kumar Singh said that ONGC is planning to scale up its renewable portfolio to 10 gigawatt (GW) by 2030.
We are committed to spend around Rs 1 lakh crore by 2030 to achieve our multiple green initiatives to achieve Scope-I and Scope-II emission targets by 2038, he said.
The Chairman also said that the company is 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 is an increasing focus on research and development in carbon capture, utilization and storage (CCUS) technologies to mitigate emissions from existing processes, he said.
On future plans, the ONGC chief said that the company is continuing its capex program of over Rs 30,000 crore with emphasis on focused exploration and enhanced capex investment for rejuvenation of mature western offshore fields, he said during the AGM.
ONGC currently has 22 major projects of over Rs 100 crore under implementation with a total capex of around Rs 60,000 crore.
Further, we have a strong pipeline of 40 plus upcoming projects with an estimated capex of Rs 83,000 crores, the ONGC Chairman said.
(With UNI inputs)
