The consolidated investment would be made by Oil India along with its subsidiary Numaligarh Refinery Ltd (NRL). The latter would set up the plant.

 

Speaking to the media, Oil India CMD Ranjit Rath said that overall, the company is investing ₹25,000 crore to achieve net zero by 2040, in areas including 2G ethanol, green hydrogen, compressed biogas (CBG) and solar power.

 

“In 2G ethanol space, we are looking at an investment of about ₹8,000 crore," he said, adding that the company has also received a mandate for setting up about 25 CBG plants.

 

Further, in terms of solar power, the company would set up a 640-MW solar power plant in Assam and a 150-MW solar plant in Himachal Pradesh.

 

The CMD also informed that subsidiary NRL is in the process of setting up a petrochemical plant with an investment of ₹7,200 crore.

 

“We have already taken a decision. Under the banner of NRL, a 360 KTPA (kilo tonne per annum) polypropylene unit is being built now. As we speak, we are in the process of getting the environmental clearances, all the statutory clearances. The land has already been identified. An investment of about ₹7,200 crore has been outlined for that," he said.

 

A company statement released on Thursday said: “OIL has set for itself an ambitious target of transforming itself to a ‘Net-Zero’ emission company by 2040 through a range of initiatives, including adopting cleaner energy sources, investing in renewable energy projects and implementing advanced technologies to minimize greenhouse gas emissions, for which about ₹25,000 crore is envisaged to be invested by 2040."

 

Oil India Limited, a fully integrated oil & gas Maharatna CPSE, recorded its highest ever gas production of 3.18 BCM in FY23, while production of crude oil recorded a growth of 5.5% YoY at 3.18 million metric tonne (MMT).

 

In terms of financial performance in FY23, the company registered its highest-ever standalone net profit of ₹26,810 crore, a growth of 75.20% YoY, while the consolidated net profit was also the highest ever at ₹29,854 crore, with a growth of 46.66% YoY.

 

Rath also said the company is looking at enhancing its gas portfolio, expressing confidence in the new gas price formula based on crude oil prices.

 

The company increased its total operating acreage to 62,911 sq. km. The statement said that a hydrocarbon discovery was made by Oil India in the last fiscal in the ‘Sesabil’ area of Assam Shelf Basin.

 

The company is looking at further enhancing its crude oil production through enhanced exploration and expedited production in line with ‘Mission 4+’.

 

On Thursday, the company’s shares closed at ₹277.40 per share on the BSE, higher by 1.59% from the previous close.