Oil and Natural Gas Corporation (ONGC) will invest Rs one lakh crore by 2030 on energy transition projects as it targets net-zero goals by 2038 under Scope-I and Scope-II emissions. The company plans to scale up electricity generation from renewable sources from 189 MW to one GW by 2030 for which it has lined up an investment to the tune of Rs one lakh crore.
The oil and gas company has five GW of project planned in Rajasthan and is scouting for similar capacity, while it has set its sights on exploring offshore wind farms. It is also mulling setting up a million tpa capacity green ammonia plant at Mangalore.
The company is actively pursuing activities in current fields and new discoveries, and expects to raise output to 21.263 MT in the current FY to 21.525 MT in 2024-25, and further to 22.389 MT in the following year. An amount of Rs 61,200 crore is being infused in 14 development and nine infrastructure projects, along with a capex of Rs 30,125 crore in 2023-24.
Meanwhile, Indian Oil, Hindustan Petroleum, GAIL and Bharat Petroleum also seek to chart out roadmaps for net-zero emissions in line with the country's commitment to the same.