Bid & Tender

News

Oil India Limited Establishes Green Energy Subsidiary ‘Oil Green Energy’

State-owned oil and gas firm Oil India Limited (OIL) has officially established a wholly owned subsidiary to handle their renewable energy business. Oil Green Energy will thus be focusing on projects involving renewable energy sources including geothermal, wind, hydro, solar, tidal, and waste energy among others.
 

The announcement was made via a disclosure submitted to the Bombay Stock Exchange (BSE Limited).
 

In mid-2024, OIL announced a cooperation with the Centre for Earth Sciences and Himalayan Studies (CESHS) to carry out studies to assess the geothermal resources in Arunachal Pradesh and Assam. The plan was to eventually progress these studies to a detailed MT survey in the most attractive sites for geothermal development in the region.
 

The formation of the subsidiary is part of OIL’s low-carbon initiatives toward achieving the objective of Net Zero Emission by 2040. The decision was approved in September 2024 by the Petroleum Ministry, the Department of Investment and Public Asset Management (DIPAM), and policy think tank NITI Aayog.
 

A separate source reports that OIL is planning to invest Rs 250 billion (USD 2.8 billion) for their renewable energy efforts, with about 1/3 of the investment going to an ethanol plant.

BACK

Related News