Newsblare

Top 50            Stocks to Buy

Oil & Gas

ONGC plans to invest 1 lakh crore in energy transition by 2038

ONGC Energy Transition

Arun Kumar Singh, chairman of India’s top oil and gas producer ONGC, said on Monday that the company plans to invest 1 lakh crore in energy transition projects by 2030 as part of its goal of reducing carbon emissions to zero by 2038. As part of the nation’s commitment to fight climate change, Indian Oil (IOC), Hindustan Petroleum (HPCL), GAIL and Bharat Petroleum (BPCL) are preparing roadmaps for net zero emissions.

The goal of net-zero for a company is to maintain a balance between the amount of greenhouse gases it releases into the atmosphere and the amount it removes from it.

After doing our internal work, we are confident we can reach net-zero emissions for Scope-1 and Scope-2 by 2038,” Singh told reporters.

By 2030, ONGC plans to increase its renewable energy capacity from 189 MW to 1 GW. It already has 5 GW of projects planned in Rajasthan and is scouting for more.

ONGC plan to invest in energy transition by 2038 for reducing carbon emissions.

The company also plans to set up a 1 million tonne per annum green ammonia plant in Mangalore.

Approximately Rs. 1 lakh crore will be invested overall, he said.

As a result of its projects on the east and west coasts, the company reversed the decline in oil and gas production in 2022-23.

ONGC produced 19.584 million tonnes of oil in 2022-23, up from 19.545 MT the previous year. This output is likely to increase to 21.263 MT in the current fiscal (April 2023 to March 2024), 21.525 MT in 2024-25, and 22.389 MT in 2025-26.

The production of natural gas is expected to rise from 20.636 billion cubic meters (bcm) in 2022-23 to 23.621 bcm in 2023-24, 26.08 bcm in the following year, and 27.16 bcm in 2025-26.

The firm is implementing projects both on the east and west coasts to increase productivity and bring new discoveries to market.

A total of 61,200 crores is being invested in 14 development projects and nine infrastructure projects, including the KG gas field and rejuvenation of existing producing fields like Mumbai High North and Heera.

According to Singh, ONGC plans to spend 30125 crore on capital expenditure in 2023-24.

By acquiring one lakh square kilometers every year, the company hopes to increase its acreage to 5 lakh square kilometers, spending ₹10,000 crore annually on exploration.

Also Read:

Editorial Director
I'm Shruti Mishra, Editorial Director @Newsblare Media, growing up in the bustling city of New Delhi, I was always fascinated by the power of words. This love for words and storytelling led me to pursue a career in journalism. In this position, I oversee the editorial team and plan out content strategies for our digital news platform. I am constantly seeking new ways to engage readers with thought-provoking and impactful stories.

Leave a Reply

Your email address will not be published. Required fields are marked *