The net zero plans will go hand in hand with the target of raising crude oil and natural gas production to 9 million tonnes of oil and oil equivalent gas per day by 2025-26 from 6.5 million tonnes produced in the financial year ending March 31, 2024.
State-run Oil India Ltd Chairman Ranjit Rath on Saturday said the company plans to invest Rs 25,000 crore in clean energy projects to help it achieve net zero carbon emission target by 2040.
OIL’s net zero plan includes reduction of gas burning and commercialisation of stranded gas as well as setting up of renewable power generation capacity, construction of green hydrogen plants and biogas and ethanol plants.
The net zero plans will go hand in hand with the target of raising production of crude oil and natural gas to 9 million tonnes of oil and oil equivalent gas per day by 2025-26, from 6.5 million tonnes produced in the fiscal year ending March 31, 2024, he told reporters here.
Pipelines will be laid to bring natural gas from the fields in Arunachal Pradesh to Assam, which can be used in transportation as well as industries in place of polluting liquid fuels.
“Many activities are required to achieve the net zero target,” he said.
He said the government has already planned solar projects of 640 MW in Assam and 150 MW in Himachal Pradesh.
OIL joins a number of state-owned companies investing billions of dollars to help India achieve net zero emissions by 2070.
India’s largest oil firm Indian Oil Corporation (IOC) has set a target of net zero emissions by 2046, while oil and gas producer ONGC has announced an investment of Rs 2 lakh crore to achieve the same target by 2038.
Bharat Petroleum Corporation Ltd (BPCL) and gas utility company GAIL (India) Ltd have also set targets to achieve net zero carbon emissions from their operations by 2040, while Hindustan Petroleum Corporation Ltd (HPCL) wants to do so by 2046.
Rath said Oil India is drilling more wells and accelerating exploration to raise crude oil production to over 4 million tonnes and gas output to 5 billion cubic metres.
“Last year we drilled 61 wells and the year before that we drilled 45 wells. This year’s drilling plan is for more than 75 wells,” he said.
