OIL to invest Rs 25,000 Crore to achieve net-zero by 2040

BNE News Desk

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Guwahati: Oil India Limited announced on September 14, 2023, that it plans to invest Rs 25,000 crore in various initiatives to achieve its net-zero emissions target by 2040. The company intends to invest in green hydrogen production, a clean and sustainable source of energy that has gained prominence in efforts to reduce carbon emissions.

OIL Chairman and Managing Director Ranjit Rath said that, Oil India plans to establish 2G ethanol plants. These plants produce ethanol from non-food feedstocks, which can contribute to reducing greenhouse gas emissions compared to traditional ethanol production.

He said, the company will set up compressed biogas plants. Compressed biogas is generated from organic waste and can be used as a clean and renewable source of energy.
Oil India will likely invest in carbon capture and utilization technologies to reduce its carbon footprint by capturing and repurposing carbon dioxide emissions.

The company aligns with the government's plan to increase the share of natural gas in India's energy mix to 15%. This indicates a commitment to cleaner and more environmentally friendly energy sources, CMD said.

 Oil India intends to construct an 80-kilometer gas pipeline connecting Arunachal Pradesh to Assam. This pipeline will facilitate the transportation of gas to the company's headquarters in Duliajan.

The company anticipates an increase in crude oil production, with a target of reaching 3.8 million metric tonnes in the current fiscal year and over 4 million metric tonnes by the following fiscal year. This suggests a focus on expanding its oil production capabilities.

Moreover, Oil India also plans to drill 60 oil wells in Arunachal Pradesh and Assam to enhance its oil production during the current financial year.

Ranjit Rath, Chairman and Managing Director of Oil India Limited, mentioned that these initiatives are expected to come to fruition in late 2023 or early 2024 and are projected to contribute to 3.2 million metric tonnes of production. Furthermore, the company aims to continue expanding its operations in subsequent years, with a focus on achieving its mission for the year 2024-25.

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BNE News Desk