Oil India said that being OGDC signatory, OIL is on track of decarbonization to achieve its target of Net Zero by 2040.
Oil India Limited (OIL), a Maharatna CPSE and an exploration and production major of crude oil and natural gas, has announced that it is committed to sustainable energy practices by joining the Oil and Gas Decarbonization Charter (OGDC).
In a regulatory filing, Oil India said, “This significant step underscores OIL’s dedication to reducing carbon emissions and zero flaring initiatives and contributing to a greener future for the nation.” It further added that being OGDC signatory, OIL is on track of decarbonization to achieve its target of Net Zero by 2040.
The OGDC was launched at COP28 in 2023 and it represents a significant advance in the industry’s collective effort to reduce greenhouse gas emissions from oil and gas operations. OGDC has more than 50 members among world’s leading oil and gas companies. With this, OIL said, it aligns itself with global best practices and reinforces its commitment to environmental stewardship including the efficiency in operations, and investment in research and development.
Earlier in August, talking about its expansion plans, top management of Oil India had stated that the expansion project of the Numaligarh refinery in Assam is expected to be completed by December 2025. Numaligarh refinery is a joint venture between Bharat Petroleum Corporation, Oil India, and the Assam government. Post its expansion, the refinery’s capacity is expected to increase to 9 million tonne per annum from the present 3 million tonne.
The management had also highlighted that the company’s crude oil production has increased by 6 per cent in the first quarter of the fiscal and that of natural gas has increased by 10 per cent from the previous quarter.
Article Credit: financialexpress