NEW DELHI, Aug 29 (Reuters) – India’s prime explorer Oil and Natural Gas Corp (ONGC.NS) plans to take a position 2 trillion rupees ($24.17 billion) on clear vitality initiatives in an effort to meet its 2038 net-zero carbon emissions objective, chairman Arun Kumar Singh mentioned on Tuesday.

The firm, which accounts for about two-thirds of India’s oil manufacturing and about 58% of gasoline, is trying to increase its hydrocarbon output whereas strengthening its presence within the clear vitality sector.

Globally, firms are investing billions of {dollars} to chop their emissions to web zero.

ONGC would make investments 1 trillion rupees by 2030, when it hopes to personal a ten gigawatts of renewable vitality capability, Singh mentioned.

It is constructing a 5 gigawatts photo voltaic vitality mission within the desert state of Rajasthan and has plans to arrange offshore wind vitality crops.

“ONGC is also actively exploring collaborations with leading players to leverage various low carbon energy opportunities including renewables, green hydrogen, green ammonia and other derivatives of green hydrogen,” Singh mentioned earlier within the day on the shareholders meet.

The firm can also be scouting for a associate to arrange a 1 million tonnes per 12 months inexperienced ammonia mission.

“We have financial muscle to invest both in hydrocarbon and new energy,” Singh mentioned whereas addressing the media. ONGC has the aptitude to boost as much as 5 trillion rupees, he mentioned.

ONGC goals to supply 10,000 barrels per day (bpd) oil from its deepwater block within the Krishna Godavari basin, off India’s East Coast, from October-November this 12 months and hopes to double it by March subsequent 12 months, it mentioned in a presentation.

Oil output from the east coast block may rise to 45,000 bpd in 2024/25, it mentioned. The firm sees gasoline output of a ten million cubic meters a day from the KG 98/2 block by May-June subsequent 12 months, it mentioned.

($1 = 82.7497 Indian rupees)

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