India’s state-run Oil and Natural Gas Corporation Limited (ONGC), the country’s largest oil and gas producer, plans to invest up to $11.5 billion (1 trillion Indian rupees) in clean energy by 2030, an ONGC executive told Bloomberg in an interview on Wednesday.
As the leading oil and gas explorer, ONGC currently produces around 70% of India’s oil and gas. The company aims to build a renewable energy portfolio of 10 gigawatts (GW) by 2030, according to Vivek Chandrakant Tongaonkar, ONGC’s finance director.
For the current fiscal year, ONGC has set aside $115 million (10 billion rupees) for green energy projects. Reaching the 2030 goal would require increasing these investments by 100 times.
The company plans to invest in a variety of renewable and low-carbon energy projects, including solar, wind, hydropower, biogas, green hydrogen, and green ammonia by the end of the decade.
“We are entering the green energy sector because we believe India needs more energy alongside fossil fuels,” Tongaonkar explained. “It makes sense for us to invest in new energy sources.”
ONGC plans to fund this ambitious expansion through cash flows from its oil and gas business, as well as by issuing new debt.
The company has already begun forming partnerships to expand its clean energy presence. On Wednesday, during the India Energy Week 2025 conference, ONGC signed a non-binding memorandum of understanding with Tata Power Renewable Energy Limited. This partnership aims to explore collaborative opportunities in the Battery Energy Storage System value chain.
“This strategic partnership highlights ONGC’s commitment to strengthening India’s energy security by integrating renewable energy and advanced storage solutions,” the company stated.
ONGC’s move into renewable energy comes as major European oil and gas companies are scaling back their clean energy commitments.
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