New Delhi: NTPC Limited, India's largest power utility with a total installed capacity of 73,024 MW across the power sector's value chain, and Oil India Limited, a government-owned company specializing in crude oil and natural gas exploration, development, and production, signed a memorandum of understanding (MoU) to explore potential collaboration in various areas, including renewable energy, green hydrogen and its derivatives, geothermal energy, and other initiatives aimed at reducing carbon emissions.
Additionally, the MoU will facilitate the exchange of knowledge and experiences related to emerging decarbonization technologies, such as carbon sequestration.
Through this agreement, both NTPC and Oil India Limited, as prominent players in their respective sectors, aim to expand their presence in the renewable energy sector and contribute to sustainable solutions, furthering India's efforts to achieve its national net-zero targets.
The signing of the MoU took place in the presence of NTPC's Chairman and Managing Director, Gurdeep Singh, and Oil India Limited's Chairman and Managing Director, Dr. Ranjit Rath, along with their functional directors.
NTPC has set a goal to attain 60 GW of renewable energy capacity by 2032 and to become a significant player in the fields of Green Hydrogen Technology and Energy Storage. The company is actively pursuing various initiatives in decarbonization, including hydrogen blending, carbon capture, and the introduction of fuel cell buses, among other endeavors.
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