Oil Giants Go Green: ONGC & NTPC Join Forces for Offshore Wind

Oil and Natural Gas Corporation (ONGC) and power firm NTPC have entered into a landmark joint venture agreement (JVA) on February 7, 2024, aimed at pioneering offshore wind energy projects. This collaboration signifies a significant stride towards spearheading renewable energy (RE) initiatives both domestically in India and on the global platform.

The agreement, inked during the India Energy Week being held in Goa, was formalized by NTPC Green Energy (NGEL) and ONGC, in the presence of key dignitaries including the Minister of Petroleum and Natural Gas and the Minister of Housing and Urban Affairs, Hardeep Singh Puri. Alongside offshore wind projects, the JVA encompasses exploration of potential opportunities in storage solutions, e-mobility, carbon credits, green credits, green hydrogen ventures, and related derivatives such as green ammonia and green methanol.

As part of its decarbonization strategy, the oil and gas producer has outlined plans to invest Rs one lakh crore towards installing 10 GW of RE capacity and establishing an annual production capacity of two million tonnes of green ammonia by 2035. This strategic move follows ONGC's government-approved initiative in December 2023 to create a dedicated unit for its gas business and clean energy projects, including green hydrogen, to accelerate its entry into emerging sectors.

In a previous collaboration in September 2023, ONGC and NGEL had already laid the groundwork for RE projects. This earlier pact included joint efforts in offshore wind ventures and exploring opportunities across storage, e-mobility, nuclear energy, green hydrogen ventures, and their associated derivatives.

News by Rahul Yelligetti