Oil and Natural Gas Corporation (ONGC) has signed an agreement with the Solar Energy Corporation of India (SECI) to scale up its clean energy projects. The pact has been signed to strengthen ONGC’s footprint in the renewable industry, particularly solar energy.
The Memorandum of Understanding (MoU) was signed by Chairman and MD of ONGC, Subhash Kumar and MD SECI, Suman Sharma.
The MoU provides a broad, overarching framework for ONGC and SECI to collaborate and cooperate for the undertaking, renewable energy projects including solar, wind, solar parks, EV value chain, green hydrogen, storage.
Speaking on the occasion, Kumar said: “While we appreciate the magnitude and urgency of the climate change challenge, we also understand our commitment towards energy security of the country and we are committed to carrying out our business in a sustainable manner.”
ONGC has set a target of producing a minimum of 10 GW renewable power. This target is set to achieve by 2040 with continuing its focus on the core exploration and production (E&P) business.
Over the last 5 years, the PSU has cut down its carbon emission by 13.67 per cent. This has enabled the company to make operations more sustainable through diverse emissions reduction initiatives.
ONGC is also considering India’s first 200-300 MW demonstration wind offshore power project for which a feasibility study is carried out jointly with NTPC Ltd.
Reference: ONGC twitter