Oil and Natural Gas Corporation (ONGC) and power firm NTPC signed a joint venture agreement (JV) on 07 February, 2024, to set up offshore wind energy projects. The JVA marks a pivotal collaboration that aims to lead renewable energy (RE) projects within India and on the international stage.

The pact was signed by NTPC Green Energy (NGEL) and ONGC during India Energy Week underway in Goa, and was witnessed by the Minister of Petroleum and Natural Gas and the Minister of Housing and Urban Affairs, Hardeep Singh Puri. Apart from offshore wind projects, the agreement also includes delving into potential opportunities in storage, e-mobility, carbon credits, green credits, green hydrogen business, and derivatives like green ammonia and green methanol.

The oil and gas producer plans to invest Rs one lakh crore to install 10 GW of RE capacity and set up two million tonne of green ammonia annual production capacity by 2035 as part of its decarbonisation strategy. In December 2023, ONGC received approval from the government to establish a new unit to house its gas business and clean energy projects such as green hydrogen, as it looked to fast-track foray into new areas.

In September 2023, ONGC inked an agreement with NGEL to develop RE projects. The pact envisaged collaborations on offshore wind projects and exploring opportunities in the storage, e-mobility, nuclear, and green hydrogen business and its derivatives.