Oil and Natural Gas Corporation Limited (ONGC) signed a Memorandum of Understanding (MoU) today with Greenko ZeroC Private Limited (Greenko) to pursue opportunities in renewables, green hydrogen, green ammonia, and other green hydrogen derivatives.
The MoU, which is valid for two years, was signed in New Delhi by ONGC Director Onshore Anurag Sharma and Greenko CEO & Managing Director Anil Kumar Chalamalasetty, in the presence of Union Ministers of Petroleum and Natural Gas, Housing and Urban Affairs, and Tourism, Hardeep Singh Puri. Pankaj Jain, Secretary (MoP&NG), Dr. Alka Mittal, ONGC Directors, and other senior officials from MoP&NG, ONGC, and Greenko were also present. Greenko is a leading renewable energy company in India.
This MoU is in line with the Prime Minister's National Hydrogen Mission, which aims to make India a global green hydrogen hub. The activities envisaged in this MoU will help India meet its target of producing 5 million tonnes of green hydrogen per year by 2030.
This MoU will also help ONGC meet its renewable energy targets outlined in its Energy Strategy 2040. As the share of renewables in the energy mix rises due to cost competitiveness, climate change awareness, and a strong regulatory push, ONGC intends to meet its objectives such as portfolio de-risking and carbon footprint reduction by moving into the renewables space.
Oil and Natural Gas Corporation (ONGC) is a New Delhi-based Indian oil and gas explorer and producer. The Government of India established ONGC on August 14, 1956. It is a government-owned enterprise whose operations are supervised by the Ministry of Petroleum and Natural Gas.
It is the country's largest government-owned oil and gas exploration and production corporation, producing approximately 70% of India's crude oil (equivalent to approximately 57 percent of total demand) and approximately 84 percent of its natural gas. The Maharatna status was conferred on ONGC by the Government of India in November 2010.
