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OIl India share price: Shares of Oil India were buzzing in trade on Tuesday, November 19, 2024. The Oil India scrip rose as much as 3.85 per cent to hit an intraday high of Rs 490.75 per share.
Oil India stock price gained after the company announced that TotalEnergies and Oil India Limited (OIL) has signed a Cooperation Agreement to carry out methane emissions detection and measurement campaigns using TotalEnergies’ pioneer AUSEA1 technology at OIL sites in India.
The AUSEA gas analyzer, mounted on drones, features a dual sensor that can detect methane and carbon dioxide emissions while pinpointing their sources. Developed by TotalEnergies in collaboration with R&D partners, the technology represents a major advancement over traditional methods. By enabling access to emission points that are hard to reach, whether offshore or onshore, AUSEA is regarded as one of the most accurate emissions detection tools in the industry.
The development aligns with OIL’s commitment to the Oil and Gas Decarbonization Charter (OGDC), a global initiative launched at COP28 and co-chaired by TotalEnergies’ CEO.
The OGDC aims to achieve net-zero operations by 2050, near-zero upstream methane emissions, and the elimination of routine flaring by 2030. Members of the charter are also dedicated to measuring and transparently reporting their progress.
Ranjit Rath, chairman & managing director of OIL, said “By joining our peers in the OGDC, OIL reiterates India’s commitment to the global community, while underscoring OIL's dedication to reducing emissions. OIL is pleased to be collaborating with TotalEnergies, an industry pioneer in methane emissions detection and measurements”.
Furthermore, as part of the OGDC's principle of sharing best practices, TotalEnergies is making its innovative AUSEA technology available to other charter signatories. This tool is recognised as an effective means of detecting, measuring, and reducing methane emissions across various industrial assets.
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“We are delighted that OIL has joined the growing list of national companies we are collaborating with by making our AUSEA technology available. This is a clear demonstration that the Oil & Gas Decarbonization Charter launched at COP28 has gained momentum, thanks to the promotion of industrial best practices. Today, AUSEA performs campaigns on every continent and contributes to the OGDC signatories’ ambition to aim at near-zero upstream methane emissions by 2030”, said Patrick Pouyanné, chairman and CEO of TotalEnergies.
At 1:55 PM, Oil India shares were trading 2.87 er cent higher at Rs 486.10 per share. In compariosn, BSE Sensex was trading 1.36 per cent higher at 78,392.54 levels.
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