In a significant development for India’s energy landscape, NTPC (National Thermal Power Corporation), the country’s largest power utility, and Oil India Limited (OIL), a state-owned leader in oil and gas exploration and production, have entered into a Memorandum of Understanding (MoU) on August 31, 2023. The collaborative agreement aims to explore various avenues within the renewable energy sector and advance green initiatives, with a strong emphasis on sustainability and decarbonization.
NTPC boasts an impressive total installed capacity of 73,024 MW, covering the entire value chain of the power sector. On the other hand, Oil India Limited has established itself as a prominent player in the exploration, development, and production of crude oil and natural gas. This partnership between these two industry giants is poised to make a significant impact on India’s energy transition journey.
The key areas of collaboration outlined in the MoU include:
Renewable Energy: NTPC and OIL will pool their expertise to expand their presence in the renewable energy domain. This partnership aligns with India’s ambitious renewable energy goals and aims to leverage NTPC’s substantial capacity to accelerate the adoption of clean energy sources.
Green Hydrogen and Derivatives: As green hydrogen gains prominence as a clean energy carrier, NTPC and OIL are set to explore opportunities in this sector. Green hydrogen is considered a vital component of the transition to a sustainable energy future.
Geothermal Energy: Geothermal energy is another area where the two companies plan to collaborate. Geothermal power harnesses the Earth’s internal heat and can serve as a reliable and renewable energy source.
Decarbonization Initiatives: In line with global efforts to reduce carbon emissions, the MoU will facilitate knowledge sharing and collaboration on emerging decarbonization technologies, including Carbon Sequestration, which is vital for mitigating climate change.
The MoU signing ceremony took place in the presence of Gurdeep Singh, CMD of NTPC, and Dr Ranjit Rath, CMD of OIL, along with their Functional Directors, underscoring the commitment of both organizations to this partnership.
NTPC has set an ambitious target of achieving 60 GW of renewable energy capacity by 2032, making a substantial contribution to India’s renewable energy landscape. Furthermore, the company aims to play a pivotal role in Green Hydrogen Technology and Energy Storage, reflecting its commitment to innovation and sustainability. Initiatives such as hydrogen blending, carbon capture, and fuel cell buses are part of NTPC’s comprehensive approach to decarbonization.
