ONGC to invest Rs 2000 billion to meet net zero emission target
State-owned Oil and Natural Gas Corporation (ONGC) will invest about Rs 2000 billion in setting up renewable energy sites and green hydrogen plants and cutting gas flaring to zero to achieve its 2038 net-zero carbon emission goal. The company, which produces about two-thirds of India’s crude oil and about 58 per cent of natural gas, on Tuesday released a 200-page document, detailing its path to achieving net zero emissions. It listed clean energy project seven as it looks to boost its hydrocarbon output to meet the country’s energy needs. ONGC will invest Rs 970 billion by 2030 in setting up 5 gigawatts of renewable energy capacity, green hydrogen, biogas, pump storage plant and offshore wind project, according to the document. Another Rs 655 billion will be invested by 2035, mostly in a green hydrogen or green ammonia plant, and the remaining Rs 380 billion by 2038, primarily in setting up 1 GW of offshore wind projects These projects will help the firm offset 9 million tonnes of carbon emissions it is directly (Scope-1 emissions) or indirectly (Scope-2 emissions) responsible for. ONGC said it will invest Rs 50 billion to cut gas flaring to zero by 2030 through technological intervention. The firm released into the atmosphere 554 million cubic metres of methane in 2021-22 (base year), mostly because it was an incidental by-product of oil or the quantity was not economical enough to pipe it to consumers.
India-Russia to push long-term arrangement for crude supplies at annual summit
New Delhi and Moscow during PM Narendra Modi’s visit (July 8-9) will push for a long-term arrangement for crude supplies from Russia to India in the backdrop of rising Russian oil exports. The need for a long-term arrangement enabling smooth supply of Russian crude to India at discounted rates has been under discussion between the two sides. “We are a longstanding partner of Russian federation. We have had discussion with the Russians on long-term deals,” Oil Minister Hardeep Puri had said after being reappointed in the same portfolio under Modi 3.0. “I am confident that both our private and public sector players will sign long-term deals with countries where they see benefit in doing so,” Puri had said, when asked if Indian state-run companies are looking at signing such deals with Russia