State-owned oil giant ONGC has announced plans to invest ₹1 lakh crore in green energy projects by 2030. A portion of this investment is earmarked for green hydrogen plants, expected to be developed between 2028 and 2030, provided the technology becomes commercially viable by then. The company views solar energy, costing ₹2 per kilowatt-hour (kWh), as a competitive alternative to fossil fuels, which are priced at ₹10 per kWh. As part of its commitment to environmental sustainability and as a signatory to COP 28, it is focusing on eliminating methane emissions and reducing avoidable flaring.
While ONGC continues to prioritize the exploration of India’s oil and gas resources, it is also enhancing its operations through digitalization and AI technologies to maximize production efficiency. Despite a recent dip in quarterly production, the company is set to increase oil output this year by ramping up production from existing fields and newly drilled wells.
On August 23, ONGC inaugurated its fifth oil well in the Krishna-Godavari basin, currently producing 1,100 barrels of oil per day. The well is still in the stabilisation phase and is expected to see a gradual increase in production.
Currently, ONGC sells 15 billion cubic meters (BCM) of natural gas, with new gas output expected to earn 12% of the crude price, as per government policy. At its Annual General Meeting (AGM) in New Delhi, ONGC praised government policies aimed at boosting oil production to counter natural declines.
However, the company noted that policies on gas allocation might change in the future. While ONGC is not building small LNG plants itself, it highlighted that Indian Oil Corporation Ltd (IOCL) is considering constructing such plants to transport ONGC’s isolated gas production to the market.
