State-owned energy company ONGC is planning to invest up to Rs 1 lakh crore, or approximately $13.6 billion, to increase its renewable energy capacity to 10 GW by 2030. Currently, the company’s capacity is at 189 MW for 2022-23. The move is aligned with India’s target to reach net-zero carbon emissions by 2070. Although the demand for fossil fuel energy may decrease for other countries by 2030, ONGC’s Chairman Arun Kumar Singh suggests that India will continue to grow in demand until 2040.
ONGC, or the Oil and Natural Gas Corporation, is a state-owned Indian multinational company responsible for the exploration and production of oil and gas. Established in 1956, the company’s headquarters is located in Dehradun, India. ONGC contributes to approximately 75% of India’s crude oil and natural gas needs and operates over 41 oil and gas fields in India.
Arun Kumar Singh is the current Chairman and Managing Director of ONGC. Singh has been with the company since 1985 and has held various positions in his over 35 years with ONGC, including Director (Exploration) at the company’s subsidiary ONGC Videsh, Company Secretary, and Head of New Business Development. Singh holds a B.Tech. degree in mechanical engineering from the Indian Institute of Technology, Delhi, and an MBA from the Faculty of Management Studies, Delhi University.
