ONGC inks MoU with Shell for carbon capture, utilisation, storage
OIL & GAS

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

Oil and Natural Gas Corporation (ONGC) signed an MoU with global petroleum giant Shell on 7 December 2022, for cooperation in Carbon Capture, Utilisation 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.

Also Read
Projects worth Rs 400 bn to be launched in Assam in the next 2 months
Saurabh Dalela appointed Director of iCAT for a second time

Oil and Natural Gas Corporation (ONGC) signed an MoU with global petroleum giant Shell on 7 December 2022, for cooperation in Carbon Capture, Utilisation 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. Also Read Projects worth Rs 400 bn to be launched in Assam in the next 2 months Saurabh Dalela appointed Director of iCAT for a second time

Next Story
Infrastructure Urban

Sindi Multimodal Logistics to Begin Operations In 2025

The Sindi Multimodal Logistics Park is expected to commence operations in the upcoming year, potentially beginning with exports to Bangladesh via a riverine route. DeltaCorp, the developer that signed a concessionaire agreement with Maharashtra Multimodal Logistics Park Limited (MMLPM), has reportedly sought permission to initiate operations using the existing infrastructure, allowing it to start ahead of the scheduled commercial operation date. Sources indicate that the dry port, commonly referred to as the Sindi dry port, is likely to begin by exporting goods such as cotton, automobile part..

Next Story
Infrastructure Urban

Amaravati Project Back on Track with Renewed Momentum

The Amaravati Project, envisioned as the growth centre of Andhra Pradesh, is witnessing a revival after a five-year hiatus. Following the victory of the NDA alliance in the 2024 general elections and the return of N. Chandrababu Naidu as Chief Minister, the project has gained renewed vigor, marking a dramatic turnaround for the state’s capital development. Originally launched with great enthusiasm in October 2015, with Prime Minister Narendra Modi laying its foundation, Amaravati’s progress came to a halt during the tenure of the YSR Congress Party (YSRCP) government. Former Chief Ministe..

Next Story
Infrastructure Transport

Site Identified for Proposed Mega Rail Terminal near Bengaluru

The proposed mega coaching terminal near Devanahalli, on the outskirts of Bengaluru, is progressing as South Western Railway (SWR) officials move forward with plans to commission a feasibility study. This terminal, part of a nationwide Railway Board initiative, aims to accommodate growing passenger traffic and offer extensive maintenance facilities. The SWR has identified a site for the terminal in the villages of Bullahalli and KG Gururayanahosuru, near Venkatagiri Kote Halt station. Strategically located, the site lies close to National Highway 44 (Bengaluru-Hyderabad Road), 7 km from the S..

Hi There!

"Now get regular updates from CW Magazine on WhatsApp!

Join the CW WhatsApp channel for the latest news, industry events, expert insights, and project updates from the construction and infrastructure industry.

Click the link below to join"

+91 81086 03000