"State-owned Oil India Ltd has announced a significant investment of Rs 25,000 crore in clean energy projects as part of its commitment to achieve net zero carbon emissions by 2040. Chairman Ranjit Rath revealed the plans during a press briefing on Saturday.

The company's net zero strategy involves reducing gas flaring, commercializing stranded gas, and developing renewable energy infrastructure. This includes setting up green hydrogen plants, building ethanol plants, and expanding its renewable electricity generation capacity. Specifically, Oil India is planning 640 MW of solar projects in Assam and 150 MW in Himachal Pradesh.

In addition to its clean energy efforts, Oil India aims to increase its crude oil and natural gas production to 9 million tonnes by 2025-26, up from 6.5 million tonnes in the fiscal year ending March 31, 2024. The company is also planning to lay an 80-kilometer pipeline to transport natural gas from Arunachal Pradesh to Assam, which will help replace polluting liquid fuels in transportation and industries.

Rath emphasized that achieving net zero involves a comprehensive approach. Oil India is also intensifying its exploration efforts, with a plan to drill over 75 wells this year, up from 61 wells last year. This is part of an effort to counteract a 12% decline in production from mature fields and to tap into new reservoirs using advanced technology.

On the expansion front, Rath noted that the Numaligarh Refinery in Assam is set to increase its capacity from 3 million tonnes per annum to 9 million tonnes by December 2025. This expansion, estimated to cost Rs 28,000 crore, is part of the company's broader strategy to enhance production and meet future energy demands.

Oil India’s commitment aligns with the broader industry goal, as other state-owned firms like Indian Oil Corporation (IOC), ONGC, Bharat Petroleum Corporation Ltd (BPCL), and Hindustan Petroleum Corporation Ltd (HPCL) also target net zero emissions by various dates, ranging from 2040 to 2046."