OIL India Ltd's Ambitious Rs 25,000 Crore Investment in Clean Energy

State-owned Oil India Ltd plans to invest Rs 25,000 crore into clean energy projects to achieve net zero carbon emissions by 2040. Initiatives include cutting gas flaring, commercializing stranded gas, and setting up renewable energy capacities. OIL aims to significantly boost oil and gas production by 2025-26.

State-owned Oil India Ltd (OIL) plans to invest Rs 25,000 crore in clean energy projects, targeting net zero carbon emissions by 2040, according to Chairman Ranjit Rath's announcement on Saturday.

The comprehensive plan involves reducing gas flaring, commercializing stranded gas, and establishing renewable electricity generation capacity. OIL also aims to build green hydrogen, biogas, and ethanol plants.

Furthermore, the company targets increasing crude oil and natural gas production to 9 million tonnes by 2025-26 from the 6.5 million tonnes produced in the fiscal year ending March 31, 2024. The net zero efforts align with broader national goals, as other state-owned firms also invest heavily to achieve net zero emissions by 2070.

(With inputs from agencies.)