During the India Energy Week in Goa, a Joint Venture Agreement (JVA) has been formally established between ONGC and NTPC Green Energy Ltd (NGEL), signaling a concerted effort towards advancing renewable energy initiatives, focusing on offshore wind projects. Minister of Housing and Urban Affairs, Hardeep Singh Puri, and Minister of Petroleum and Natural Gas were present to witness the signing of this pivotal agreement.
Oil and Natural Gas Corporation Limited (ONGC) is India’s largest multinational oil and gas exploration and production company. Established in 1956, it plays a crucial role in meeting the country’s energy demands. ONGC operates both onshore and offshore assets, with a focus on upstream activities such as exploration, drilling, and production. The company has diversified interests in various energy-related sectors, including refining, petrochemicals, and renewable energy.
NGC Energy Logistics Ltd (NGEL), a subsidiary of ONGC, specializes in providing logistics and transportation solutions for liquefied natural gas (LNG) and petroleum products. NGEL operates a fleet of LNG carriers and tankers, ensuring the safe and efficient transportation of energy resources. The company is committed to sustainability and adheres to the highest standards of safety and environmental protection in its operations.
This collaborative effort marks a significant step forward in advancing renewable energy ventures, both domestically and internationally. The agreement’s scope goes beyond offshore wind projects, encompassing exploration of opportunities in storage, electric mobility, carbon credits, green credits, the green hydrogen sector, and its derivatives like green ammonia and green methanol.
The foundation for this agreement was established through the signing of a Memorandum of Understanding (MoU) between ONGC and NGEL on September 27, 2023, showcasing ONGC’s dedication to transitioning towards renewable energy sources. The key focus outlined in the MoU was to assess feasibility and establish renewable energy projects across various sectors.
This partnership between NGEL and ONGC underscores a shared commitment to promoting sustainable energy endeavors, aligning seamlessly with India’s ambitious goals for a greener future. By combining their expertise and resources, both organizations are well-positioned to make significant contributions to India’s renewable energy landscape, fostering innovation and environmental stewardship along the way.
