Carbon capture and storage project by ONGC
Oil and Natural Gas Corporation Limited (ONGC) has signed a MoU with global petroleum giant Shell on 7 December 2022, for cooperation in Carbon Capture, Utilization and Storage (CCUS) studies.
The collaboration is planned to focus on joint CO2 storage study and enhanced oil recovery (EOR) screening assessment for key basins in India including depleted oil and gas fields, saline aquifers.
Aim of MoU:
The main aim of the MoU is for developing Carbon capture, utilisation and storage, or CCUS/carbon capture and storage (CCS) as an emissions mitigation tool for combating climate change and injecting carbon dioxide (CO2) for geological storage as well as enhanced oil production from mature fields of ONGC.
ONGC’s mega project to capture and store 1.5 million tones of CO2 would require massive investments and financial support from the government.
Technology advancements, policy moves to cause industrial emitters pay for emissions. High carbon capture cost also means higher operating costs throughout the life of the project.
ONGC is Maharatna Company of India and it is the largest crude oil and natural gas company in India. Its contribution is around 71% to Indian domestic production.
It carries in-house service capabilities in all areas of exploration and production of oil & gas and related oil-field services. The Government of India halted 58.89% stake in ONGC as of September 2022.
Recently, BPCL ex-chairman Arun Kumar Singh has been appointed as ONGC Chairman and managing director.
ONGC has showed the plan to NITI Aayog which is leading the policy discussion on carbon capture projects in the country.
This project contains carbon capture at multiple industrial sites including steel, oil, Cement and power facilities its evacuation by pipelines to onshore intermediate storage, and further transport via pipeline or ships to a final storage site in the sea.
The project is projected to take three years to build after the details are finalized.
Question & Answer:
Q1. Which company has introduced the ambitious carbon capture and storage project?
Ans. Oil and Natural Gas Company
Q2. Who is the chairman of ONGC currently?
Ans. Arun Kumar Singh
Q3. ONGC has signed MoU with which company for developing carbon capture and storage project?
Ans. Shell Company