ONGC signs MoU with Norway’s Equinor ASA on clean energy, E&P

ONGC (Oil and Natural Gas Corporation) has reportedly inked an MoU (Memorandum of Understanding) with Norway’s Equinor ASA, for synergies on upstream E&P (Exploration & Production), downstream, midstream, and clean energy alternatives.

The Norwegian State-owned multinational energy company and the state-operated oil explorer will also collaborate on solutions like CCUS (carbon capture utilization & sequestration).

As per the agreement, Equinor and ONGC will partner in the fields of midstream, upstream oil and gas, trading, and marketing apart from exploring further alternatives in renewables, low carbon fuel, CCUS, and Carbon Capture Storage (CCS) opportunities in the country.

The Memorandum of Understanding is valid for two years, under which both firms will collaborate in the areas recognized. The agreement was inked during a high-level delegation’s visit from Norway to India.

Hardeep Singh Puri, the Minister of Petroleum and Natural Gas; Anniken Huitfeldt, the Norwegian Foreign Minister; Executive Vice-President of Equinor Irene Rummelhoff, and ONGC CMD Alka Mittal were present on the occasion.

The Indian oil major has been pursuing a green energy objective through different options and renewable energy sources. It has set a goal of generating at least 10 gigawatts (GW) of renewable energy by 2040 whilst continuing its focus on the central E&P business.

In December 2021, ONGC signed an MoU with the SECI (Solar Energy Corporation of India) to realize its green energy objectives.

This provides an overarching framework for both the state-run organizations to synergize and cooperate in implementing renewable energy projects including solar, solar parks, green hydrogen, EV value chain, and storage among others.

Considering the strategic importance of CCUS technology for a transition toward net-zero emissions, ONGC is collaborating with IOC (Indian Oil Corporation) to establish a CCUS project for EOR (Enhanced Oil Recovery) from depleted oil fields.

The project will leverage CO2 captured from the Koyali refinery of IOC for supplying into the expended reservoirs of Gujarat’s Gandhar oil field.

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