ONGC to infuse Rs 2 lakh crore for meeting net zero emissions target

30 Aug 2023 , 10:30 AM

According to Arun Singh, Chairman of Oil and Natural Gas Corporation (ONGC), the company plans to invest Rs 2 lakh crore to meet its net zero emissions target by 2038.

Half of the required investment of Rs 2 lakh crore will be done by 2030, Singh said on Tuesday, adding that funding these projects will be easy because the company has very low debt levels and can access green bonds, which have considerably cheaper borrowing costs than others.

The company intends to invest in a variety of environmentally friendly projects, including green ammonia, hydrogen, solar, and offshore wind.

According to Pankaj Kumar, director (offshore), ONGC will commence oil production from its KG basin field in October.

According to ONGC Videsh managing director Rajarshi Gupta, the corporation has yet to receive approximately $130 million in dividends from its Russian projects. According to him, the majority of these earnings will be used to fund ONGC’s project spending in Russia.

Force majeure at ONGC’s major gas project in Mozambique could cease ‘anytime this year,’ according to Gupta. The ONGC-led Indian oil consortium owns 30% of the Mozambique field, which is operated by Total of France.

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