India’s oil and gas companies are increasingly focusing on green hydrogen and carbon capture, utilization, and storage (CCUS) as they work toward achieving net-zero emissions.
The companies are making substantial investments in energy transition, particularly in the renewable sector, according to an oil ministry journal on net-zero strategies released on August 25.
This pioneering report outlines the various measures these companies are taking to reduce emissions and their carbon footprints.
ONGC, India’s largest oil and gas explorer, is advancing in CCUS technology with the ability to sequester 2.21 million metric tons of CO2 emissions. “This technology is essential for reducing the carbon intensity of industrial processes and meeting long-term sustainability goals,” the company stated.
CCUS involves technologies that capture carbon dioxide and either use it or store it safely to prevent its contribution to climate change. These technologies can also remove existing CO2 from the atmosphere, although some critics argue that they are too costly to be practical.
In the FY25 Budget, Finance Minister Nirmala Sitharaman announced plans for a policy targeting hard-to-abate industries to encourage them towards lower emissions.
India aims to reach net-zero emissions by 2070, but oil and gas companies are committed to meeting their targets sooner.
Indian Oil, India’s largest refiner, has partnered with ReNew Power and L&T to enter the green hydrogen sector. “The company has also signed a binding agreement with L&T to increase domestic electrolyser production capacity. Plans include setting up a 10,000-ton-per-annum green hydrogen plant in Panipat, with additional projects being explored at other potential refinery locations,” the report notes.
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