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Leading oil producer ONGC and largest power company NTPC in India have entered into a joint venture agreement to establish offshore wind energy projects to increase cooperation in the renewable energy space. The agreement was signed during India Energy Week.
"The JVA marks a pivotal collaboration aimed at spearheading renewable energy projects both within India and on the international stage," Oil and Natural Gas Corporation (ONGC) said in a statement. "Specifically, the agreement encompasses ventures in offshore wind projects while also delving into potential opportunities in storage, e-mobility, carbon credits, green credits, green hydrogen business, and its derivatives such as green ammonia and green methanol."
The joint venture agreement was signed by NTPC Green Energy Limited (NGEL) CEO Mohit Bhargava and ONGC executive director Satish Kumar Dwivedi. The signing was witnessed by ONGC chairman and CEO Arun Kumar Singh and NTPC Limited chairman and managing director Gurdeep Singh.
In December, ONGC received government approval to establish a new division to handle its gas business and renewable energy initiatives like green hydrogen, an attempt to accelerate its expansion into new markets. It has named the company ONGC Green Limited. The wholly-owned subsidiary company will be for value-chains of energy business such as green hydrogen, hydrogen blending, renewable energy (solar, wind and hybrid), biofuels/ biogas business and LNG, ONGC had said.
As part of its decarbonisation strategy, the nation's largest oil and gas producer plans to spend ₹1 lakh crore on installing 10 GW of renewable energy capacity and setting up two million tonnes of green ammonia annual production capacity by 2035. ONGC had, in September last year, inked an agreement with NTPC Green Energy Limited for the development of renewable energy projects. The agreement envisaged collaborations on offshore wind projects and exploring opportunities in the storage, e-mobility, carbon credits and green credits, nuclear, green hydrogen business and its derivatives (green ammonia and green methanol).
ONGC has a renewable portfolio of 176 MW, comprising 153 MW of wind power and 23 MW of solar. It aims to add 10 GW of renewable power to its portfolio by 2040.
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