ONGC inks pact with Shell for carbon capture, utilization and storage

8 Dec 2022 , 09:25 AM

Oil and Natural Gas Corporation Limited (ONGC) has signed a Memorandum of Understanding (MoU) with global petroleum giant Shell to collaborate on Carbon Capture, Utilization, and Storage (CCUS) research.

The collaboration will centre on a joint CO2 storage study and EOR screening assessment for key Indian basins such as depleted oil and gas fields and saline aquifers.

On December 7, 2022, ONGC, a Maharatna Central Public Sector Company of India, and Shell, one of India’s most diverse international energy companies, signed this MoU in Delhi.

The MoU aims to develop CCUS/CCS as an emissions mitigation tool for combating climate change, as well as injecting carbon dioxide (CO2) for geological storage and enhanced oil production from ONGC’s mature fields.

The MoU was signed in the presence of senior executives from both companies by ONGC CMD R K Srivastava and Chairman of Shell Group of Companies in India Nitin Prasad. The Memorandum of Understanding was signed in the presence of Pankaj Jain, Secretary, Ministry of Petroleum and Natural Gas.

ONGC was quoted at Rs140.85 up by 0.04% from its previous closing of Rs140.80 on the BSE. The scrip opened at Rs140.85 and touched an intraday high and low of Rs141.70 and Rs140.75 respectively.

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