Energy major ONGC has teamed up with Indian Oil Corporation for enhanced oil recovery by injecting carbon dioxide captured from IOC's Koyali refinery in Gujarat.
The memorandum of understanding is aimed to establish a framework for mutually beneficial cooperation in carbon dioxide-based enhanced oil recovery as a mode of carbon capture utilisation and storage (CCUS).
"The common objective is to address some of the biggest challenges of our country in particular and world at large, namely energy security and climate change," ONGC said in a statement. "It is a landmark event in the history of Indian hydrocarbon industry, with two its largest conglomerates agreeing to jointly work on CCUS," it added.
CCUS is known to be an effective method of enhanced oil recovery globally and is playing an increasingly important role in achieving the mission of carbon neutrality. The idea of the MoU is to replicate the global success story in India.
The collaboration under this MoU focuses on development of carbon dioxide capture plant at Indian Oil's Koyali refinery with appropriate carbon capture technology, development of business model, increasing domestic oil production through carbon dioxide-based enhanced oil recovery in Gandhar field.
Besides, inclusion of this project as part of a national emission curtailment measure is aimed at supporting country's low-carbon development goals.
The project will add up a new dimension towards national vision of CCUS and will infuse a new life to the depleted matured oil fields of ONGC. The learning curve from this endeavour will create a knowledge base to further expand deployment of CCUS in India.
"The success of CCUS in India will not only increase domestic oil production, but also cater to address India's nationally determined contributions of reducing the emission intensity of GDP by 33 to 35 per cent by 2030 as per the Paris agreement," according to a statement.
.
Disclaimer: No Business Standard Journalist was involved in creation of this content
