Oil and Natural Gas Corporation Limited (ONGC) and Greenko ZeroC Private Limited (Greenko) signed a Memorandum of Understanding (MoU) to pursue opportunities in renewables, green hydrogen, green ammonia, and other green hydrogen derivatives.
In the presence of Union Ministers of Petroleum and Natural Gas, Housing and Urban Affairs, and Tourism, Hardeep Singh Puri, the MoU was signed in New Delhi by ONGC Director Onshore Anurag Sharma and Greenko CEO & Managing Director Anil Kumar Chalamalasetty. Pankaj Jain, Secretary (MoP&NG), Dr. Alka Mittal, ONGC Directors, and other senior MoP&NG, ONGC, and Greenko officials were also in attendance. Greenko is India’s leading renewable energy company.
Make India a global green hydrogen hub
This Memorandum of Understanding is consistent with the Prime Minister’s National Hydrogen Mission, which aims to make India a global green hydrogen hub. The activities envisioned in this Memorandum of Understanding will assist India in meeting its target of producing 5 million tonnes of green hydrogen per year by 2030.
This agreement will also assist ONGC in meeting the renewable energy targets outlined in its Energy Strategy 2040. ONGC intends to meet its objectives such as portfolio de-risking and carbon footprint reduction by moving into the renewables space as the share of renewables in the energy mix rises due to cost competitiveness, climate change awareness, and a strong regulatory push.
Oil and Natural Gas Corporation (ONGC)
Oil and Natural Gas Corporation (ONGC) is an Indian oil and gas explorer and producer headquartered in New Delhi. On August 14, 1956, the Government of India established ONGC. It is a government-owned company, and its operations are overseen by the Ministry of Petroleum and Natural Gas.
It is the country’s largest government-owned oil and gas exploration and production corporation, producing roughly 70% of India’s crude oil (equivalent to roughly 57 percent of total demand) and roughly 84 percent of its natural gas. The Government of India bestowed Maharatna status on ONGC in November 2010.