India’s Top Oil Producer ONGC Plans $11 Billion Spending on Green Energy

India’s Top Oil Producer ONGC Plans $11 Billion Spending on Green Energy | OilPrice.com

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Breaking News:

ByCharles Kennedy– Feb 12, 2025, 10:30 AM CST

Indian state-held Oil and Natural Gas Corporation Limited (ONGC), the biggest oil and gas producer in the country, plans to invest as much as $11.5 billion (1 trillion Indian rupees) in clean energy by 2030, a top ONGC executive told Bloomberg in an interview published on Wednesday.

ONGC, the biggest oil and gas explorer and the company producing about 70% of all of India’s oil and gas, plans to have a portfolio of renewable energy of 10 gigawatts (GW) by 2030, ONGC’s director of finance, Vivek Chandrakant Tongaonkar, told Bloomberg.

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Investments in green energy for the current fiscal year are planned at $115 million (10 billion rupees). So the 2030 target would mean scaling up these investments 100 times over.

ONGC plans to invest in renewable and low-carbon energy including solar, wind, hydropower, biogas, green hydrogen, and green ammonia projects by the end of the decade.

“We are getting into green energy because we do believe India requires a lot more energy in addition to fossil fuels,” the executive told Bloomberg.

“For us, it is a logical case to move into newer sources of energy,” Tongaonkar added.

ONGC will fund the massive expansion of its new energy business with cash flows from its oil and gas operations and with new debt issuance, the finance director told Bloomberg.

ONGC has already started entering into partnerships to boost its presence in the clean energy sector.

At the India Energy Week 2025 conference on Wednesday, ONGC signed a non-binding memorandum of understanding with Tata Power Renewable Energy Limited to explore collaborative opportunities in the Battery Energy Storage System value chain.

“This strategic partnership underscores ONGC’s commitment to enhancing India’s energy security through the integration of renewable energy and advanced storage solutions,” the Indian oil and gas firm said.

ONGC’s push into renewables comes just as the biggest European oil and gas majors are scaling back their commitments and targets in the clean energy sectors.

By Charles Kennedy for Oilprice.com

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