Oil and Natural Gas Corporation (ONGC), India's leading oil and gas producer, has unveiled an ambitious plan to evolve into an integrated energy company over the next 25 years. The company has committed a significant investment of approximately ₹2 lakh crore by 2038 to achieve this transformation, focusing heavily on decarbonization and new energy systems.
A Three-Horizon Energy Transition Strategy
ONGC's transition roadmap is structured across three distinct phases, designed to deliver credible and measurable impact at different stages:
- Short-Term (Up to 2030): This initial phase targets immediate, impactful changes. Key initiatives include developing 3.89 GW of renewables, establishing 25 compressed biogas plants, deploying 0.5 GW of offshore wind capacity, and 1 GW of pumped storage projects. The company will also focus on energy efficiency and flare reduction across its existing assets. This phase aims to achieve a 50% absolute reduction in emissions.
- Medium-Term (2030-2035): Building on early successes, this phase delves deeper into emerging energy systems. Plans include scaling up green hydrogen and green ammonia production, adding further renewable capacity, expanding offshore wind and pumped storage, and establishing ONGC's first carbon capture, utilization, and storage (CCUS) facilities.
- Long-Term (Leading up to 2038): The final phase integrates all components to achieve the ultimate goal. It involves continued expansion of offshore wind, sustained renewable energy build-out, additional green hydrogen and ammonia projects, and significant CCUS expansion. By 2038, ONGC aims to deliver operational Net Zero for Scope 1 and Scope 2 emissions.
More Than Diversification
Ratnesh Kumar, Executive Director at ONGC, emphasized that this undertaking is not merely a portfolio diversification. "It is the deliberate construction of an integrated energy company for the next 25 years," Kumar stated. He highlighted the core philosophy: "ONGC must remain reliable, responsible, and forward-looking. Energy security and sustainability are the same goal, viewed across two different timeframes."
This comprehensive strategy underscores ONGC's commitment to playing a pivotal role in India's energy future, balancing traditional hydrocarbon production with a robust push towards cleaner, sustainable energy sources.