ONGC targets 10 GW renewable capacity by 2030, plans ₹40,000 crore investment in energy transition

New Delhi: Oil and Natural Gas Corporation (ONGC) has set a target of 10 GW renewable energy capacity by 2030, with plans to expand investments in solar, wind, and green hydrogen projects. The company recently signed an agreement with Ayana Renewables, increasing its clean energy portfolio from 153 MW to 3 GW in a single step.

Pankaj Kumar, Director (Production), ONGC, said the company is committed to achieving its renewable energy goals ahead of schedule. “My target is to go to 10 GW by 2030, and I am confident we will achieve it much earlier,” he said during an interaction at India Energy Week (IEW) 2025.

The company is also focusing on importing and trading gas as part of its energy transition strategy. “We will not shy away from importing and trading gas. We know gas better than anyone. We produce, transport, and sell gas, and gas is the lowest polluting fuel in the transition to cleaner energy sources,” Kumar said.

ONGC has diversified its portfolio into refining, petrochemicals, power, and gas transportation, in addition to its core exploration and production (E&P) business. The company recently infused capital into ONGC Petro Additions Ltd. (OPaL), securing a continuous gas supply to enhance production capacity.

Increased investments in oil and gas production

ONGC has expanded its capital expenditure beyond ₹30,000 crore in the current financial year, with next year’s investment projected between ₹35,000-40,000 crore. A large portion of the investment will be directed towards exploration and production (E&P) projects, deepwater drilling, and offshore field development.

The company is advancing multiple offshore developments, including the Daman Upside Development Project (DUDP), which is set to commence production by late 2025. The Deepwater Cluster-1 project in the East Coast is also in the pipeline.

ONGC has started seismic data collection and exploration in no-go areas, following the government’s decision to open these zones for hydrocarbon exploration. Kumar confirmed that ONGC has already announced a discovery in the East Coast’s no-go area, with further appraisal work underway.

BP partnership for Mumbai High to boost production

ONGC is targeting a 40% increase in oil production and 80% growth in gas output from the ageing Mumbai High field over the next 10-12 years, following its technical service provider agreement with BP. Kumar said the partnership is expected to yield a 60% overall increase in hydrocarbon output.

“Mumbai High has been on a continuous decline despite capital infusion. BP’s study estimates an increase of around 40% in oil production and 80% in gas production, with an overall 60% rise in output,” he said.

The four-day workshop starting February 24 will bring together ONGC and BP’s technical teams to discuss reservoir management, facility optimization, and flow assurance.

With increased investments, renewable energy expansion, and offshore exploration initiatives, ONGC is positioning itself for long-term production growth and energy transition.