ONGC inks MoU with Shell for carbon capture, utilization, storage

The collaboration shall 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.

Oil and Natural Gas Corporation Limited (ONGC) signed a MoU with global petroleum giant Shell on on 7 December 2022, for cooperation in Carbon Capture, Utilization and Storage (CCUS) studies.

The MoU is aimed at 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.

Maharatna ONGC is the largest crude oil and natural gas company in India, contributing around 71% to Indian domestic production. It has in-house service capabilities in all areas of exploration and production of oil & gas and related oil-field services. The Government of India held 58.89% stake in ONGC as of September 2022.

ONGC's standalone net profit dropped 30.09% to Rs 12,825.99 crore in Q2 FY23 as against Rs 18,347.73 crore in Q2 FY22. Revenue from operations surged 57.53% to Rs 38,320.76 crore in Q2 September 2022 from Rs 24,353.61 crore recorded in the corresponding quarter previous year.

Shares of ONGC fell 1.12% to Rs 140.80 on Wednesday, 7 December 2022.

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