State-run exploration and production company Oil India Ltd (OIL) is exploring the setting up of green hydrogen valleys, or hubs, as a part of its energy-transition initiative.
OIL is also looking to invest in bioethanol and traditional renewable energy projects, the firm’s chairman and managing director, Ranjit Rath, said in an interview.
In line with its energy-transition goals, the company aims to replace diesel use with natural gas across its group companies, like Numaligarh Refinery Ltd. Furthermore, it is exploring the potential for geothermal energy in the Himalayan region of Himachal Pradesh.
Geothermal energy in India is in its early stages and is yet to gain traction despite the potential to add 10 gigawatts (GW) capacity. “We have committed that OIL and Numaligarh Refinery will achieve net zero by 2040. We have earmarked a budget provision of around ₹25,000 crore for the initiative, including our efforts in terms of bioethanol, that is, 2G ethanol, our efforts to reduce gas flaring by creating infrastructure for the evacuation of natural gas, and feeding it to the North-East gas grid and the national gas grid."
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