Oil India to invest Rs 25,000 crore for net zero emissions by 2040

by Psu Connect
Date: 16-09-24
Ministry of Petroleum and Natural Gas

OIL joins fellow state-owned firms who are investing billions of dollars to help India as a nation achieve net zero emissions by 2070.

Oil India to invest Rs 25,000 crore for net zero emissions by 2040

State-owned Oil India Ltd plans to invest Rs 25,000 crore in clean energy projects to help achieve the net zero carbon emission goal by 2040, its chairman Ranjit Rath said.

OIL's net zero plan includes cutting down the flaring of gas and commercializing stranded gas, setting up renewable electricity generation capacity, building green hydrogen plants, and constructing biogas and ethanol plants.

The net-zero plans will go alongside its target to raise crude oil and natural gas production to 9 million tonnes of oil and oil equivalent gas by 2025-26 from 6.5 million tonnes produced in the fiscal year ended March 31, 2024.

"Last year we drilled 61 wells and the year before that 45 wells. This year's drilling plan is for 75-plus wells," he said.

The company also plans to lay an 80-kilometer pipeline to bring natural gas from fields in Arunachal Pradesh to Assam to help replace polluting liquid fuels in transport as well as industries.

OIL joins fellow state-owned firms who are investing billions of dollars to help India as a nation achieve net zero emissions by 2070.

Regarding its subsidiary Numaligarh refinery in Assam, Rath said capacity expansion, from the current 3 million tonnes per annum to 9 million tonnes at an estimated cost of Rs 28,000 crore, is planned to be completed by December 2025.