Oil India Limited, a state-owned oil company involved in the exploration, development, and production of crude oil and natural gas, and NTPC, India’s largest power utility with a presence across the value chain of the power sector and a total installed capacity of 73,024 MW, signed a Memorandum of Understanding on August 31, 2023, to explore collaboration in the areas of Renewable Energy, Green Hydrogen & its derivatives, Geothermal, and other Decarbonization initiatives. The Memorandum of Understanding will also enable the exchange of information and expertise about emerging decarbonization technologies, such as carbon sequestration.
By signing this Memorandum of Understanding, the two Maharatna titans hope to expand their presence in the field of renewable energy and venture into sustainable solutions to help the country get closer to reaching its Net-Zero goals.
In the presence of their functional directors, Dr. Ranjit Rath, CMD of OIL, and Shri Gurdeep Singh, CMD of NTPC, the Memorandum of Understanding was signed.
By 2032, NTPC plans to have 60 GW of renewable energy capacity under its belt. It also plans to dominate the fields of energy storage and green hydrogen technology.
The corporation is pursuing a number of decarbonization efforts, including fuel cell buses, hydrogen blending, and carbon capture.
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