The announcement came even as the state-run explorer reversed in 2022-23 the decline in production and aims to raise output with ongoing investments of $7 billion and $5 billion in west and east coasts, respectively.
“After drawing up our plans, we feel that 2038 will be the year by when ONGC will be scope I and II net-zero compliant. Scope III is of course a little far. We are late in announcing it (the goal) because we were tying up our numbers. We want to be really serious (about net-zero),” company chairman Arun Kumar Singh said.
The net-zero deadline is the shortest among state-run oil companies and second after private sector Reliance Industries, considering all domestic players in the sector. In terms of investment, it is second to Indian Oil’s Rs 2-lakh-crore goal by 2046. Reliance has a net-zero goal of 2035; HPCL, BPCL and Oil India Ltd have a 2040 target; while IndianOil has 2046 and Cairn’s goal is 2050.
The centrepiece of the plan is scaling up renewable energy capacity from 189 mega watts to 10 gigawatts (GW) by 2030 and building green ammonia with annual capacity of one million tonnes, for which ONGC has an MoU with Hyderabad-based Greenko group. Singh said MoU has been signed for 5 GW capacity in Rajasthan and ONGC is scouting for another 5 GW capacity. Option includes offshore wind projects, which will see their first auction this year.
Steps are simultaneously being taken to reduce carbon footprint of operations. Director (technical & field services) O P Singh said the steps include dual-fuel engines to reduce diesel consumption, replacing normal bulbs with LED lights as well as deploying solar panels and battery backup on platforms or sites.
ONGC produced 19.5MT (million tonnes) of oil in 2022-23, marginally up from the previous year. The output is likely to rise to over 21MT in the current fiscal before hitting 22.3MT in 2025-26. Gas output is slated to rise from 20.6bcm (billion cubic meters) in 2022-23 to 27bcm in 2025-26.
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