Oil India to Invest Rs 16,500 Crore in Net Zero Carbon Emission Drive

11 Sep 2023 , 01:05 PM

Oil India shares rose 2 % on September 11. The state-owned fuel producer plans to invest Rs 16,500 crore to attain net zero carbon emissions by 2040. The investment breakdown includes Rs 9,000 crore for 1,800 MW of solar and onshore wind energy projects, Rs 3,000 crore for a green hydrogen project, and Rs 1,000 crore for carbon capture, utilization, and storage projects.

Reuters reports the investment plan, yet independent verification by Moneycontrol is pending, as per information. Oil India joins other public sector energy companies like Indian Oil Corporation, Bharat Petroleum, Hindustan Petroleum, Gas Authority of India, and Oil and Natural Gas Corporation in pursuing net zero goals.

Collectively, these six state-run energy firms plan investments worth Rs 6.38 trillion to support their sustainability initiatives. In the June quarter, Oil India’s revenue declined by 41.86 % YoY to Rs 6,208 crore, with net profit down by 56.68 % YoY to Rs 1,399 crore.

The operating profit margin contracted by 900 basis points, reaching 37 %. Oil India engages in the exploration, production, and marketing of crude oil and natural gas, primarily within India.

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