India State-Owned OIL Firm Launches Green Energy Subsidiary

In a significant move towards sustainable energy, state-owned Oil India Limited (OIL) has officially established a wholly-owned subsidiary [1] called Oil Green Energy Limited. This new subsidiary is dedicated to spearheading renewable energy initiatives, including geothermal, wind, hydro, solar, tidal, and waste energy projects.

The announcement was made via a disclosure submitted to the Bombay Stock Exchange (BSE Limited). The formation of Oil Green Energy is part of OIL’s broader low-carbon initiatives aimed at achieving Net Zero emissions by 2040. The decision was approved in September 2024 by the Petroleum Ministry, the Department of Investment and Public Asset Management (DIPAM), and policy think tank NITI Aayog.

In mid-2024, OIL announced a collaboration with the Centre for Earth Sciences and Himalayan Studies (CESHS) to assess Arunachal Pradesh and Assam geothermal resources. The plan is to progress these studies to a detailed MT survey in the most attractive sites for geothermal development in the region.

OIL plans to invest Rs 25,000 crore (USD 2.8 billion) in its renewable energy efforts, with about one-third of the investment going towards an ethanol plant. This substantial investment underscores OIL’s commitment to diversifying its energy portfolio and contributing to India’s renewable energy goals.

The establishment of Oil Green Energy marks a significant step towards a greener future for India. With the country’s growing energy demands and the global push for sustainable development, OIL’s initiative is expected to play a crucial role in the nation’s transition to cleaner energy sources.

Sources: 

[1] India state-owned oil firm establishes green energy subsidiary  https://www.thinkgeoenergy.com/india-state-owned-oil-firm-establishes-green-energy-subsidiary/?amp=1

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