State-owned Oil and Natural Gas Corporation (ONGC) has signed an initial agreement with NTPC Green Energy Ltd to explore setting up green hydrogen and offshore wind projects.
The Memorandum of Understanding (MoU) "will primarily explore the feasibility and setting up of renewable energy projects in various domains," ONGC said in a statement.
The MoU was signed by ONGC executive director Debdulal Adhikari and NTPC Green Energy Ltd (NGEL) CEO Mohit Bhargava in the presence of ONGC chairman and CEO Arun Kumar Singh and NTPC chairman and managing director Gurdeep Singh.
"The MoU envisages collaboration of the two mega entities in renewable power projects in India and overseas through offshore wind projects and exploring opportunities in the storage, e-mobility, carbon credits and green credits, nuclear, green hydrogen business and its derivatives (green ammonia and green methanol)," it said.
ONGC is India's largest crude oil and natural gas producer while NGEL is a subsidiary of the country's largest power utility NTPC.
"Exploring and setting up renewable power assets in India and overseas, ONGC inked a trailblazing MoU with NTPC Green Energy Limited on September 27, 2023.
"Over a period of three years, the MoU will primarily explore the feasibility and setting up of offshore wind projects, green hydrogen and pumped/energy storage projects," ONGC said in a separate post on X, formerly known as Twitter.