“In the global pursuit of sustainable energy, ONGC stands among major oil and gas companies signing the Oil and Gas Decarbonization Charter at 2023 United Nations Climate Change Conference (Dubai, United Arab Emirates). With a visionary long-term strategy, we are committed to transforming into a low-carbon energy player, boldly aiming for Net Zero Scope 1 and 2 emissions by 2038.”

ONGC Chairman and CEO Arun Kumar Singh delivering Special Address at the inaugural of ET Oil and Gas Annual 2023

The inaugural session of ET Oil & Gas Annual 2023 saw the Chairman and CEO of ONGC Arun Kumar Singh delivering the Special Address. The ET Oil & Gas Annual 2023, hosted by Economic Times, brought together industry leaders, experts, and visionaries to discuss the evolving landscape of the global energy sector. Sharing insights into the company's commitment to sustainability, he said “Our dedication extends to achieving Near Zero Upstream Methane emissions by 2030 as part of our robust Decarbonization efforts. Focused on environmental stewardship, ONGC pledges to implement actions and practices, striving for the elimination of routine flaring and achieving Zero flaring (non-technical) by 2030.”

Discussing the broader challenges and opportunities facing the Indian energy sector, Mr. Singh underscored the challenges and opportunities shaping the Indian energy industry. The nation is actively addressing the Energy Trilemma, navigating geopolitics, and embracing a diverse range of hydrocarbons and renewables. India is adapting to the rise of electric vehicles, advancements in renewable energy technologies, and the imperative for energy efficiency.

“At this stage of economic growth, India requires both fossil fuels and renewables. We must explore everything that is possible to be explored. We must first look into our own resources, and then cross the fence,” he said. At the forefront of this trilemma is the imperative of security, where nations grapple with the challenge of ensuring a robust and reliable energy supply. In the face of burgeoning populations, escalating economic demands, and evolving lifestyle aspirations, the quest for energy security takes center stage. The ability to meet the energy needs of a growing society while maintaining stability becomes paramount.

ONGC Chairman and CEO at the inaugural of ET Oil and Gas Annual 2023

“India will need a substantial volume of fossil fuels to sustain the economy in the next 20-25 years,” the Chairman emphasized. Simultaneously he emphasized on the pursuit of sustainability as a core tenet, steering the transition towards environmentally friendly energy solutions. The imperative to reduce carbon footprints and embrace cleaner, renewable alternatives becomes not just a choice but a necessity. The commitment to sustainable practices resonates with the broader global call for mitigating climate change and preserving the planet for future generations.

Simultaneously, sustainability emerges as a core tenet, steering the transition towards environmentally friendly energy solutions. The Chairman emphasized on the imperative to reduce carbon footprints and embrace cleaner, renewable alternatives becomes not just a choice but a necessity. The commitment to sustainable practices resonates with the broader global call for mitigating climate change and preserving the planet for future generations.

ONGC Chairman and CEO Arun Kumar Singh emphasizing on achieving Near Zero Upstream Methane emissions by 2030

Mr Singh underscored the intricate play of geopolitics intersecting with energy security, demanding strategic foresight and diplomacy. Nations must address global dependencies, diversify energy sources to reduce vulnerabilities, and navigate geopolitical complexities to secure stable and uninterrupted energy supplies. Building strategic alliances becomes imperative for mutual benefit, fostering resilience, and ensuring long-term viability in a rapidly changing world. “The path forward necessitates a delicate balance of security, sustainability, and affordability, guided by strategic geopolitics and a commitment to diversification and innovation. It is in this equilibrium that the blueprint for a resilient and sustainable energy future is crafted,” he said. “Though devoted to energy transition, ONGC remains committed to oil and gas production as a national oil company,” Mr Singh stated.

The Inaugural Session also saw in attendance the Chairman of Petroleum and Natural Gas Regulatory Board Anil Kumar Jain, IAS, Economic Advisor (IFD) to the Union Ministry of Petroleum and Natural Gas Rajinder Kumar, and Editor of ETEnergyworld Sudheer Pal Singh.