Oil and Natural Gas Corporation (ONGC), a state-run exploration and production major, plans to invest INR 1 trillion by 2030 to balance its oil and gas exploration and production portfolio with green energy.
ONGC aims to increase its renewable power portfolio to 10 gigawatts (GW) by 2030 from 189 megawatts. Currently, the company has already signed an MoU to establish 5GW and is actively seeking opportunities to develop another 5GW.
In addition, ONGC intends to participate in India’s first offshore wind seabed lease tender, which will be issued soon. The government’s plan involves issuing seabed lease tenders for a total of 37 GW by 2030. The initial phase of offshore wind projects will be situated along the coasts of Tamil Nadu and Gujarat, with a combined potential of approximately 70 GW. ONGC is also exploring the possibility of constructing a 1 MTPA (Million Tonnes Per Annum) green ammonia plant in Mangalore.
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