Oil India (OIL) plans to invest around Rs 25,000 crore (USD 3.38 billion) with the overarching aim of achieving net-zero greenhouse gas emissions by 2040. It aligns with the country’s national vision for energy self-reliance.
The investment towards this goal will encompass a range of clean and renewable energy technologies, prominently, green hydrogen, compressed biogas, solar, and geothermal energy, as well as initiatives to eliminate flaring. In particular, Rs 8,000 crore will be directed towards the development of 2G ethanol.
Meanwhile, its subsidiary, Numaligargh Refinery has already put out an order for replacing grey hydrogen with green hydrogen, and is targeting a 20-kilo tpa capacity.
Furthermore, to contribute to renewable energy capacity, the company has inked joint ventures wherein it is partnering with Assam for a 620 MW project and with Himachal Pradesh for a 150 solar initiative. Further, under Mission 4+, a government initiative, it aspires to take crude oil production to four MMT and natural gas production to five BCM.
In its efforts towards gas portfolio expansion, the company plans to drill around 60 wells in the oil-rich regions of Assam and Arunachal Pradesh in the ongoing financial year. The company reported high production performance in FY23.
