ONGC says it has taken varied initiatives for renewable vitality energy era and already has 189 megawatt (MW) capability, together with wind and photo voltaic PV vegetation unfold throughout varied areas.
ONGC says it has through the years diversified into the petrochemicals and energy enterprise moreover rising its core enterprise of discovering hydrocarbons
Oil and Natural Gas Corporation (ONGC) has received a bid to purchase PTC India Ltd’s wind energy unit for Rs 925 crore because the state-owned agency continues to construct a renewable vitality portfolio to steadiness its fossil gasoline enterprise. In a inventory change submitting, India’s prime oil and gasoline producer stated it has through the years diversified into the petrochemicals and energy enterprise moreover rising its core enterprise of discovering hydrocarbons.
ONGC stated it has taken varied initiatives for renewable vitality energy era and already has 189 megawatt (MW) capability, together with wind and photo voltaic PV vegetation unfold throughout varied areas. “With a vision to expand its business in renewable energy, the company had participated in the bidding process for acquisition of 100 per cent equity stake of PTC Energy Limited (PEL), a wholly-owned subsidiary of PTC India Limited (PTC),” it stated.
The PTC board final week authorized ONGC’s bid for the acquisition of a 100 per cent fairness stake in PEL at an fairness worth of Rs 925 crore, it stated. The nod is topic to the approval of PTC shareholders.
PEL, included on August 1, 2008, has a renewable vitality portfolio of 288.8 MW consisting of fifty MW wind energy tasks in Madhya Pradesh, 50 MW wind energy tasks in Karnataka and 188.8 MW wind energy tasks in Andhra Pradesh. The firm has entered into lengthy-time period agreements with state distribution corporations for a whole portfolio of 288.8 MW wind energy tasks.
PEL had a revenue of Rs 13.88 crore on a income of Rs 296.77 crore through the 2022-23 fiscal yr (April 2022 to March 2023). PTC India, which is a number one energy buying and selling and monetary companies options supplier, in a separate submitting, stated the “date of the extraordinary general meeting and date of signing of shareholder’s agreement will be intimated as and when executed”.
ONGC has beforehand introduced an funding of about Rs 2 lakh crore to obtain zero carbon emissions by 2038. The agency will make investments Rs 1 lakh crore by 2030 in establishing 10 gigawatts of renewable vitality capability, a inexperienced ammonia plant, and offshore wind vitality tasks. The remaining would movement thereafter to obtain Scope 1 and a couple of internet zero carbon emissions. All this whereas, it continues to hunt and produce extra oil and gasoline.
The firm presently has 189 MW of capability to generate electrical energy from renewable sources. It is focusing on 10 GW by 2030. The agency already has signed an MoU for 5 GW in Rajasthan and is scouting for tasks of comparable measurement. Besides, it needs to arrange 25 compressed biogas vegetation that can convert agri-residue into gasoline that can be utilized to run vehicles (CNG) or utilized in industries to generate electrical energy and fertiliser. ONGC can be scouting for alternatives to arrange a 1 million tonnes each year inexperienced ammonia plant.
Scope 1 emissions are from immediately emitting sources which can be owned or managed by an organization. Scope 2 emissions are from the consumption of bought electrical energy, steam, or different sources of vitality generated upstream from an organization’s direct operations. ONGC produced 19.584 million tonnes (MT) of oil in 2022-23, up from 19.545 MT within the earlier yr. The output is probably going to rise to 20.232 MT within the present fiscal (April 2023 to March 2024) and to 21.265 MT in 2024-25.
Natural gasoline output is slated to rise from 20.636 billion cubic metres (bcm) in 2022-23 to 20.882 bcm in 2023-24, 22.171 bcm within the following yr and 23.708 bcm in 2025-26.
(This story has not been edited by News18 employees and is revealed from a syndicated information company feed – PTI)
