ONGC is implementing a four-pronged innovation strategy to become a diversified energy company, aiming for net-zero emissions by 2038

 ONGC is implementing a four-pronged innovation strategy to become a diversified energy company, aiming for net-zero emissions by 2038. This strategy involves diversification into renewable energy, enhancing existing operations, adopting digital tools, and expanding into petrochemicals. 

Here's a more detailed look at ONGC's innovation strategy:

1. Diversification into Renewable Energy:

ONGC is actively expanding its renewable energy portfolio, aiming to achieve 10 GW of renewable energy capacity by 2030 and 5 GW by 2040. 

This includes focusing on developing capacity in compressed biogas, biodiesel, green hydrogen, and battery energy storage systems. 

ONGC is also investing in green hydrogen and green ammonia production, collaborating with leading energy players. 

They plan to replace diesel-based logistics vehicles with electric vehicles as a short-term measure. 

ONGC is investing ₹1 trillion by the end of the decade to support its renewable energy goals, according to Chemical Industry Digest. 

2. Enhancing Existing E&P Operations:

ONGC is focusing on enhancing its core exploration and production (E&P) activities, aiming to double its domestic acreage to 500,000 square kilometers over the next five years. 

This includes exploring new oil and gas reserves and investing in drilling services. 

ONGC is also working on improving efficiency and productivity in its E&P operations. 

3. Adopting Digital Tools and Technologies:

ONGC is embracing digital tools and technologies to improve efficiency, optimize operations, and enhance decision-making. 

This includes adopting digital tools for data computation and analytics, as well as for monitoring and controlling its operations. 

ONGC is also focusing on developing solutions for challenges like mud loss in wells and sand influx control during production. 

4. Expanding into Petrochemicals:

ONGC is exploring opportunities in the oil-to-chemicals sector, leveraging its existing infrastructure and expertise in the oil and gas industry.

This includes developing capacity in petrochemicals and expanding its footprint in this area. 

5. Net-Zero Emissions Target:

ONGC has set a target to achieve net-zero emissions by 2038, encompassing both Scope 1 and Scope 2 emissions. 

This target is being pursued through a combination of renewable energy diversification, operational efficiency improvements, and carbon capture and storage (CCS) technologies. 

ONGC plans to invest ₹2 lakh crore towards achieving this net-zero target, including initiatives like reducing gas flaring and implementing CCS technologies. 

6. ONGC Start-Up Initiative:

ONGC is actively involved in the "Start-up India" initiative, aiming to support and nurture innovative ideas and businesses in the energy sector.

This includes providing funding, incubation support, and networking opportunities for start-ups. 

7. Collaborations and Partnerships:

ONGC is actively seeking collaborations and partnerships with leading energy players and startups to accelerate its green transition and innovation efforts.

These partnerships are aimed at unlocking synergies in emerging areas like green hydrogen and renewable energy.