OIL to invest Rs 25,000 cr in clean energy for net zero emissions by 2040

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OIL to invest Rs 25,000 cr in clean energy for net zero emissions by 2040 - Business Standard

Quick Summary:

The net zero plans will go alongside its target to raise crude oil and natural gas production to 9 million tonnes of oil and oil equivalent gas by 2025-26 from 6.5 million tonnes produced in the fiscal year ended March 31, 2024, he told reporters here.

State-owned Oil India Ltd plans to invest Rs 25,000 crore in clean energy projects to help achieve the net zero carbon emission goal by 2040, its chairman Ranjit Rath said on Saturday.

OIL's net zero plan includes a combination of cutting down the flaring of gas and commercialisation of stranded gas as well as setting up renewable electricity generation capacity, building green hydrogen plants and constructing biogas and ethanol plants.