Sunday, May 19, 2024

Oil India To Invest Rs 25,000 Crore In Renewable Energy By 2040


Oil India Ltd. will invest Rs 25,000 crore into its renewable energy portfolio over the next two decades as the company aims to achieve net-zero emissions status by 2040.

The company aims to diversify its energy portfolio by focusing on solar projects, green hydrogen, and compressed biogas, as it announced during its 64th annual general meeting on Sept. 9.

Its net-zero commitment encompasses initiatives that include adopting cleaner energy sources, investing in renewable energy projects, and implementing advanced technologies to minimise greenhouse gas emissions, Dr. Ranjit Rath, chairman and managing director, Oil India, said in the statement.

This aligns with the firm’s plan to adopt sustainable energy, and it has received approval to establish 620 MW of solar power projects in Assam, Rath said. It has also developed a hydrogen fuel cell electric bus, which is currently undergoing a one-year trial in Assam. Additionally, Oil India has been mandated to establish 25 CBG plants across India.

Oil India’s material subsidiary, Numaligarh Refinery Ltd., has embarked on a major integrated refinery expansion project to augment its capacity from 3 million metric tonnes per annum to 9 million metric tonnes per annum, Rath said.

The refinery currently has two significant projects. The first is a crude oil pipeline and import terminal at Paradip, and the second is the setting up of a biogas refinery at Numaligarh, Assam. NRL plans to invest more than Rs 35,000 crore in completing these projects over the next five years, the company said in the statement.

The biogas refinery will produce 50,000 metric tonnes of ethanol per annum, 11,000 metric tonnes of acetic acid, and 19,000 metric tonnes of furfural while producing its own power from residual lignin. The refinery will also give a major boost to the local economy as it will depend on locally grown bamboo as its raw material, sourcing over 3,00,000 metric tonnes of dry bamboo annually, the statement said.

Under its Mission 4+ strategy, the company aims to produce 4 million metric tonnes of crude oil and 5 billion cubic metres of gas in the coming years, Rath said.

In FY23, the company registered its highest-ever gas production since inception at 3.18 BCM, which was a 4.4% rise from a year ago. The company also recorded a 5.5% year-on-year growth in crude oil production to 3.18 million metric tonnes, it said.





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