ONGC signed a Memorandum of Understanding (MoU) with the Norwegian state-owned multinational energy company, Equinor. The MoU is valid for two years under which both companies have agreed to work together in areas of upstream exploration and production, midstream, downstream and clean energy options, including carbon capture utilisation & sequestration (CCUS).
CCUS, which involves segregation of CO2 either in physical or chemical form, can play a key role in reducing emissions at relatively low cost.
Equinor is the leading operator on the Norwegian continental shelf, present in around 30 countries worldwide. The company claims to be transitioning into a broad energy company by leveraging the strong synergies between oil, gas, renewables, carbon capture and storage, and hydrogen.
Equinor plans to invest more than $23 billion into renewables towards 2026, and by 2030 more than 50 percent of its gross annual investments will be directed to that part of the business and low carbon solutions.
The MoU was signed during the visit of a high-level delegation of Norway to India. Union Minister of Petroleum and Natural Gas, Hardeep Singh Puri, Norwegian Foreign Minister Anniken Huitfeldt, ONGC CMD Dr Alka Mittal and Executive Vice President of Equinor Irene Rummelhoff were present on the occasion.