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Business EconomyPosted at: Dec 2 2021 9:39PM


ONGC inks MoU with SECI to develop renewable, ESG projects

New Delhi, Dec 2 (UNI) To realise its green energy objectives, Oil and Natural Gas Corporation Ltd (ONGC) and the Solar Energy Corporation of India(SECI) on Thursday struck a collaboration deal for undertaking renewable energy projects including solar, wind, solar parks, electric vehicles value chain, green hydrogen, and storage.
The joint endeavour envisages broad, overarching cooperation through a Memorandum of Understanding (MoU) signed between ONGC Chairman and Managing Director Subhash Kumar and SECI Managing Director Suman Sharma on behalf of the two national energy companies today.
The MoU brings a synergy of ONGCs green energy agenda being pursued through various alternatives and renewable sources of energy with a target of producing a minimum of 10 GW of renewable power by 2040 and the SECI’s competency in its mandated area of promotion and development of various renewable energy resources, especially solar/wind energy, RE-based storage systems, trading of power, R&D as well as RE-based products like green hydrogen, green ammonia, RE-powered EV, etc.
“While we appreciate the magnitude and urgency of the climate change challenge, we also understand our commitment towards energy security of the country and are committed to carrying out our business in a sustainable manner,” said Kumar, highlighting ONGC’s multi-pronged strategy to make its green energy portfolio richer and progressively move towards carbon neutrality by effective carbon management and adding Renewable Energy Capacity. The initiative, explained Suman Sharma, will open new avenues of sustainable development and promises to take India to new frontiers of technology and scale. “We are dedicated towards fulfilling India’s climate commitments and look forward to a continuing partnership" he said.
As one of the first few PSUs in the country to have taken a lead in clean development mechanism, ONGC has so far registered 15 CDM projects with UNFCCC, and has a total 2.2 million CERs as on date in it's CDM account and is the first non-American company to be a part of the Global Methane Initiative. Through GMI alone, ONGC could so far prevent approximately 20.48 MMSCM of methane gas leakages into the atmosphere with an environmental benefit of approximately 3 lakh tonnes of CO2 equivalent. Apart from this, the oil and gas major is partnering with Indian Oil Corporation(IOC) for setting up a project for enhanced oil recovery from depleted oil fields. The project will utilise CO2 captured from IOC’s Koyali refinery for injecting into the depleted reservoirs of Gandhar oilfield in Gujarat.
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Tags: #ONGC inks MoU with SECI to develop renewable# ESG projects
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