Fossil to future: ONGC charts a bold path; pivots to LNG, renewables

As oil loses ground and an era of energy transition dawns, ONGC, India's flagship producer, has accelerated plans for renewables, biofuels, and nuclear ventures

State-run Oil and Natural Gas Corporation (ONGC), which accounts for around 70 per cent of the country’s domestic crude oil and 84 per cent of its natural gas, is taking a calculated shift in its business strategy in an effort to be “future-ready.” While the company has publicly announced its intention to foray into the imported liquefied natural gas (LNG) business, it is also quietly making significant moves into renewable energy, green hydrogen, compressed biogas, battery storage, and even nuclear energy. 

This shift is part of ONGC’s strategy to achieve net-zero targets for scope 1 and scope 2 emissions by