Oil India Ltd. (OIL) has announced plans to establish a wholly-owned subsidiary, OIL Green Energy.
OIL Green Energy will focus on projects promoting decarbonization and energy transition, including biofuels, green hydrogen, renewable energy, carbon capture, utilization, storage, methanol, and geothermal energy.
It plans to invest Rs 25,000 crore in these projects by 2040 as part of its larger plan to diversify its energy portfolio and accelerate the shift to sustainable energy.
The company aims to increase non-fossil fuel energy from 5-7% to 12-15% by 2040, resulting in 3.5-4 million tonnes of oil equivalent green and alternative energy capacity. Since 2012, the Ministry of Petroleum and Natural Gas (MoPNG) reports that oil and gas (OIL) has been naturally diversifying into low-carbon and green energy.
OIL currently has 188.1 MW of installed renewable energy capacity, which includes 14 MW from solar projects spread across Rajasthan, Madhya Pradesh, Gujarat, and Assam, and 174.1 MW from wind energy.
OIL is also leading a number of historic projects, such as the construction of India’s first hydrogen fuel cell electric vehicle (FCEV) bus through its start-up program, SNEH, and the country’s first green hydrogen plant based on Anion Exchange Membrane (AEM) technology at its Jorhat facility in Assam.
It must be noted that during India Energy Week 2023, Prime Minister Narendra Modi unveiled the zero-emission bus, which has a 60 KW PEM fuel cell engine.
The company is also actively constructing 25 compressed biogas (CBG) plants across the nation to demonstrate its commitment to green energy innovation.
