ONGC being a responsible corporate citizen is implementing various green initiatives with a view to reduce the carbon foot print. ONGC has created a dedicated Renewable Energy Cell (REC) under Chief Technical Services which acts as the knowledge centre on all renewable energy projects. To further up the cause of wind energy in India ONGC is pursuing various green energy options.
- 51 MW Wind power plant consisting of 34 numbers of 1.5 MW Wind turbine generators is in operation in Kutch Gujarat Since 2008.
- 102 MW wind power plant comprising of 49 numbers of 2.1 MW Wind Turbine Generators was commissioned in September 2015 in Jaisalmer District Rajasthan at a cost of Rs. 562 Crore.
ONGC will continue its investments in onshore wind to target 2 GW capacity in 2030 Onshore wind is a relatively more mature technology in India among renewable sources. India added around 1,500 MW wind energy capacity each year from 2006 to 2011, with total installed capacity of over 13 GW by 2011.
Through Energy Strategy 2040, ONGC has set a target to double its Oil and Gas production from its domestic, as well as overseas fields by the year 2040. ONGC also plans to expand its refining capacity three-fold alongside diversification into renewables.
The strategy document outlines Vision 2040 for ONGC, which could help the group to achieve the following:
- 3 times revenue distributed across E&P, Refining & Marketing and other business.
- 4 times current PAT with 10% contribution from non-Oil & Gas business.
- 5~6 times current market capitalization
While ONGC remains strongly invested in Oil & Gas, the energy major also looks beyond hydrocarbons; be it renewables or new frontiers, such as Artificial Intelligence and Alternate Energy like wind energy.