ONGC has drawn up a comprehensive roadmap to significantly scale up its low-carbon energy portfolio. ONGC is actively contributing to India’s ambitious goal of reducing carbon emissions by one billion tons and cutting carbon intensity by 45% by 2030.
Pioneering Decarbonization Efforts
ONGC has been at the forefront of adopting multiple decarbonization levers over the years, leading to substantial emission reductions. By integrating sustainable practices into its core operations, ONGC has successfully reduced Scope-1 and Scope-2 emissions by 17% in the last five years, including a 2.66% reduction in FY’23 alone. The company now aims for Net Zero Scope-1 and Scope-2 emissions by 2038 and plans to significantly increase green investments to achieve this target.
Scaling Investments in Green Energy
To drive this transition, ONGC is investing around ₹1 trillion by the end of this decade in renewable and low-carbon projects. The company aims to scale up its renewable energy portfolio to 10 GW by 2030, reinforcing its commitment to sustainable growth.
Strategic Collaborations for a Greener Tomorrow
ONGC is in advanced discussions with leading global energy players to explore opportunities in green hydrogen, green ammonia, and other derivatives of green hydrogen. These partnerships also extend to Oil-to-Chemical (O2C), refining, and petrochemical sectors—highlighting ONGC’s strategic approach to India’s evolving energy landscape. The company also plans to establish two greenfield O2C plants in India, further strengthening its diversification strategy.
Driving Innovation Through CCUS and R&D
Beyond renewables, ONGC is focusing heavily on research and development in carbon capture, utilization, and storage (CCUS) technologies. These efforts aim to mitigate emissions from existing processes, ensuring a sustainable transition while leveraging advanced technology.
Maintaining Core Strength in E&P
While ONGC accelerates its green energy ambitions, oil and gas exploration and production (E&P) will remain the cornerstone of its operations. The company continues to prioritize extensive exploration in known basins and frontier plays, sustained production from mature fields, and the development of deep-water assets.
Future Exploration Strategy: Expanding Boundaries
Under its Future Exploration Strategy, ONGC targets bringing five lakh square kilometers under active exploration by 2025, acquiring one lakh square kilometers annually and investing ₹10,000 crore each year in exploration activities. This aggressive approach ensures continued energy security for the nation.
Building a Future-Ready ONGC
As per company press release, ONGC is transforming into a future-ready energy company—resilient, agile, and adaptive to global energy transitions. While E&P remains its immediate focus, the company’s evolving discourse and actions align with its vision of becoming a diversified energy leader rather than merely an oil and gas producer.
