Oil and Natural Gas Corp (ONGC), the largest Indian oil and gas producer, plans to invest INR2,000bn (US$24.2bn) in clean energy projects to achieve its net-zero carbon emissions goal by 2038, aiming to increase both hydrocarbon output and involvement in the clean energy sector. As part of this programme, the company intends to spend INR1,000bn (US$12.1bn) by 2030 to expand its renewable portfolio, aiming for 10 GW of capacity. A 5 GW solar project is under construction in Rajasthan, and offshore wind energy installations are also in the pipeline.
ONGC is also exploring partnerships for low-carbon energy initiatives including renewables, green hydrogen, and derivatives of green hydrogen, seeking a partner for a 1 Mt/year green ammonia project. Additionally, ONGC aims for oil production from its deepwater block off India's East Coast to reach 10,000 bbl/d by late 2023, with the goal to double it by early 2024. Gas output from another block is estimated to reach 10 mcm/d by mid-2022.