On February 7, 2024, Oil and Natural Gas Corporation (ONGC) and NTPC Green Energy Limited (NGEL) signed a Joint Venture Agreement (JVA) during India Energy Week in Goa. This partnership aims to focus on offshore wind projects and marks a significant move towards bolstering renewable energy development in India and internationally.
The JVA was signed by Hardeep Singh Puri, the Minister of Petroleum and Natural Gas, Mohit Bhargava, the CEO of NGEL, and Satish Kumar Dwivedi, Executive Director of ONGC. The ceremony was attended by ONGC Chairman and CEO Arun Kumar Singh and NTPC Limited Chairman and Managing Director Gurdeep Singh, emphasizing the importance of this collaboration.
The partnership aims to explore a wide range of renewable energy initiatives, including offshore wind projects, storage, e-mobility, carbon credits, green credits, green hydrogen, and its derivatives, such as green ammonia and green methanol.
This joint venture follows an earlier memorandum of understanding (MoU) signed between ONGC and NGEL on September 27, 2023, to advance renewable energy goals and align with the global energy transition.
The collaboration signifies a concerted effort by both NGEL and ONGC to drive sustainable energy initiatives and contribute significantly to India's renewable energy landscape, driving innovation and fostering environmental stewardship.