ONGC, NTPC enter JV to set up offshore wind energy projects

"The JVA marks a pivotal collaboration aimed at spearheading renewable energy projects both within India and on the international stage," Oil and Natural Gas Corporation (ONGC) said in a statement. "Specifically, the agreement encompasses ventures in offshore wind projects while also delving into potential opportunities in storage, e-mobility, carbon credits, green credits, green hydrogen business, and its derivatives such as green ammonia and green methanol."

The joint venture agreement was signed by NTPC Green Energy Limited (NGEL) CEO Mohit Bhargava, and ONGC executive director Satish Kumar Dwivedi. The signing took place in the presence of ONGC chairman and CEO Arun Kumar Singh and NTPC Limited chairman and managing director Gurdeep Singh.

In December, ONGC obtained approval from the government to establish a new division dedicated to its gas business and clean energy initiatives, including ventures involving green hydrogen.

ONGC has named the new entity as ONGC Green Limited. This wholly-owned subsidiary is poised to focus on various segments within the energy domain, including green hydrogen, hydrogen blending, renewable energy (solar, wind, and hybrid), biofuels/biogas, and LNG, as per ONGC's announcement.

The nation's premier oil and gas producer aims to allocate Rs 1 lakh crore towards establishing 10 GW of renewable energy capacity and developing two million tonnes of green ammonia annual production capacity by 2035, in line with its decarbonization strategy.

ONGC's collaboration with NTPC will extend to offshore wind energy projects and other renewable energy endeavours.

In September of the preceding year, ONGC had entered into an agreement with NTPC Green Energy Limited, outlining cooperation on renewable energy ventures.

This joint venture included joint efforts in offshore wind projects and exploring opportunities in storage, e-mobility, carbon credits, green credits, nuclear energy, green hydrogen business, and its derivatives such as green ammonia and green methanol.

ONGC currently boasts a renewable energy portfolio totaling 176 MW, which includes 153 MW generated from wind power and 23 MW from solar sources. The company has set ambitious goals, aiming to augment its renewable power capacity to 10 gigawatts by the year 2040.