Oil and Natural Gas Corporation (ONGC) is in talks with global entities which includes Gentari to form a joint venture (JV) in energy storage, as the energy behemoth is moving ahead with concrete energy-transition plans.
The oil major is considering both battery storage and pump storage projects (PSP), and in energy storage, it is looking to develop projects through a JV model.
Gentari is the green-energy arm of Malaysia-based Petroliam Nasional Berhad (Petronas).
ONGC has a roadmap to allocate Rs 1 trillion investment in energy transition till 2030. Further, depending on the priority area for the company, the exploration and production firm could well direct the dedicated capital expenditure towards storage projects.