The Oil and Natural Gas Corporation (ONGC) and NTPC Green Energy Limited (NGEL) has signed a MoU to help ONGC achieve its goals for clean energy as part of the energy transition. The MoU entails to investigate the viability and establishment of clean Energy Projects in various fields.
Furthermore, the MoU envisages partnership between the two companies in offshore wind projects that will generate clean energy for use in India and other countries, as well as potential for storage, electric vehicles, carbon credits, green credits, nuclear power, and the sale of green hydrogen and its byproducts, including green ammonia and green methanol.
In December 2022, ONGC signed a MoU with Shell to collaborate on carbon capture, utilisation, and storage research to focus on a joint carbon dioxide storage study and enhanced oil recovery screening assessment for key Indian basins such as depleted oil, gas fields and saline aquifers.
In November 2022, ONGC planned to build a 1 GW solar power plant in Rajasthan in a move to secure a foothold in the green energy area, which would help in meeting in-house electrical energy demand, besides allowing the company to sell power on the market.