India’s flagship oil and gas producer ONGC has shared its plans to make a qualitative leap to a renewable energy capacity of 10 GW by 2030. As part of its commitment to the transition in energy strategy, the company has allocated ₹40,000 crore in projects including solar, wind, and green hydrogen. This announcement, made at India Energy Week (IEW) 2025, saw ONGC emphasize its deep commitment to sustainability and entry into a diversified energy portfolio.
ONGC Signs Major Agreement with Ayana Renewables
In a notable development, ONGC has recently entered into an agreement with Ayana Renewables, thus expanding the clean energy portfolio by 153 MW at one go to 3 gigawatts. This partnership marks one of the key points of ONGC’s green expansion, bolstering its efforts to tune renewable power into its operations.
Pankaj Kumar, ONGC Director (Production), expressed confidence in achieving a 10 GW target well ahead of schedule. “I want to go to 10 GW by 2030; I am sure I will do it much before that,” he said while addressing the event.
Strategic Shift Focuses on Gas & Diversifying Energy Mix
Alongside its energy transition strategy, ONGC also continues to expand its activities in gas production, transportation, and trading. Kumar cited the competence in managing gas, which the company will be using in facilitating cleaner energy transition. “We are not going to run away from importing or trading gas. We are the best company in gas. We produce it; we transport it; we market it. It is the least polluting fuel in the world of transition towards cleaner energy sources.”
In addition to renewables, ONGC has broadened its scope of investments to include refining, petrochemicals, power, and gas transportation along with core exploration and production (E&P) operations. The organization has recently backed ONGC Petro Additions Ltd. (OPaL) with capital infusion aimed at ensuring steady gas supply for further widening the production limit.
Increase in Capital Expenditure for Exploration and Production
ONGC’s capital expenditure for oil and gas exploration is estimated to go beyond the ₹30,000 crore threshold in the current financial year and is projected at ₹35,000-40,000 crore for the next year. Such funds will be largely spent towards deepwater drilling and offshore field development and other E&P projects.
The company is simultaneously making progress on different offshore developments, such as the Daman Upside Development Project (DUDP), production from which is expected to start by late 2025. Deepwater Cluster-1 on the East Coast is also progressing well. It is gearing itself up to commence seismic data acquisition and exploration of hitherto inaccessible no-go areas with environmental clearance for hydrocarbon exploration by ONGC. What is remarkable is that it has already made a discovery in the no-go area off the East Coast and is currently in the process of appraisal.
BP Partnership for Mumbai High to Boost Production
In one grand move towards enhancing production efficiency, ONGC joined hands with BP for revitalizing the old Mumbai High oil field. Over the next 10 to 12 years, ONGC wants to increase oil production by 40% and gas production by 80%.
“Mumbai High has been shrinking continuously despite capital infusion. The BP study gives a very crafty estimation—an increase of around 40% in oil production and 80% in gas production, with an overall increase in oil output of over 60%,” Kumar stated.
Consequently, both companies will host a workshop for four days, starting February 24, where their respective technical teams will discuss reservoir management, optimization of production facilities, and ways to assure effective flow assurance.
Positioning for Long-Term Growth and Energy Transition
ONGC is strategically positioning itself for long-term growth owing to its increasing investments in renewable energy, offshore exploration, and gas production. The initiatives taken by the company fit into the broader climate ambition, India’s own goal of reducing carbon emissions, while ensuring energy security.
As ONGC accelerates its transition to cleaner energy sources, its multipronged approach highlights its commitment to balancing economic growth with environmental sustainability, setting the stage for a future-ready energy sector.
