"Aligned with India’s Energy Transition and Net Zero target, ONGC is working on a framework for carbon capture CCUS CCS project with global energy majors, IIT Bombay, and NITI Aayog," ONGC CMD Rajesh Kumar Srivastava highlighted at the Energyscape Mint Energy Conclave 2022.
Energyscape Mint Energy Conclave conducted a panel discussion on the theme – ‘Navigating India’s Enegry Conclave’ on 18 November 2022 at Hyatt Regency, New Delhi.
The panels consisted of CMD and Directors of different energy producing companies.
The first panel included ONGC CMD R K Srivastava, Coal India Limited CEO Pramod Agrawal, SECI MD Suman Sharma, Renewable energy Senior Director Gauri Singh, and Amplus Solar Petronas Director Sharad Pungalia. The Bureau Chief of Mint Utpal Bhaskar was the moderator for the panel.
The second panel consisted of different prominent names in the Energy industry including the Ambassador from Brazil, His Excellency Andre Aranha De Lago. Mint Bureau Chief Utpal Bhaskar was the moderator for this panel as well.
At the discussion, ONGC CMD R K Srivastava, articulated that “The world now works in India for Energy Security & Energy Emissions. The narrative depends on calculations relative to Energy transition based on mathematical modeling with inherent uncertainties. ONGC is doing its part in Energy transition. We are consistently deliberating with Equinor for Carbon Capture Utilization & storage (CCUS).”
He said, “1.5 million tons/annum – Scale like ’Northern Light’ in Norway. The economics has been worked out, and it’s a cost intensive project.”
He elaborated, “Transforming ONGC from Oil & Gas to Energy company involves environmental, social, and governance (ESG) issues. AU Global giants are transforming but they have retained Oil & Gas portfolio in a big way. Energy Neutrality is an issue. We are collaborating with big names in the world in this regard. We are also trying to explore aggressively to open up new basins; and also opened up 2 basins in the last 2 years. We are also working on 3 more.”
The dominant narrative of discussion by panel members was that, the agenda set by the govt. is clear – to make renewable a common thing among the masses. The 2030 goal of 500GW of renewables send a strong signal. Economics is vital in any debate relating to Energy access, Energy security and Energy transition.